Analisis Manajemen Risiko Nilai Tukar pada Perusahaan Multinasional

This study analyzes the effectiveness of exchange rate risk management strategies implemented by PT Pertamina Group as a multinational company with high exposure to foreign currency transactions, particularly the US Dollar. Using a qualitative approach and literature review method, this research examines scientific publications, annual reports, and regulatory documents published between 2019 and 2024. The study identifies key forms of exposure: transaction, translation, and economic exposure and reviews Pertamina’s hedging practices, including the use of forward contracts, options, swaps, and DNDF in accordance with Bank Indonesia regulations. The findings indicate that exchange rate fluctuations significantly affect Pertamina’s financial performance, with notable variations in foreign exchange gains and losses during the 2018–2023 period. Hedging strategies, especially forward contracts, play a crucial role in stabilizing cash flows, reducing the impact of currency depreciation, and safeguarding operational sustainability. However, effectiveness varies across subholding units due to differences in operational structure, financial exposure, and internal policy frameworks. This study concludes that a comprehensive and adaptive exchange rate risk management framework is essential to maintaining Pertamina’s financial resilience amid global market volatility.