This study analyze the influence of non-deliverable forward (NDF) and the spot rate of USD/IDR against Bank Indonesia reference rate, Jakarta Interbank Spot Dollar Rate (JISDOR). NDF which came earlier than JISDOR is used by the market participant as the reference rate. The simple method of NDF determination had a great impact on the volatility of the rupiah currency, pushing the Bank Indonesia to issue its own reference currency. JISDOR is an indication of the rates issued by Bank Indonesia as the reference rate for the foreign exchange market in domestic and overseas. The method of creating the reference rate is by weighting the average rate of real transactions through a monitoring system which is managed by the central bank. However, the question arises: what should be done by the monetary authority when there is a party outside the jurisdiction issued the NDF rate as a benchmark that may affect the domestic exchange rate of rupiah in accordance with the desired agenda of the party. We use OLS and ARCH/GARCH to see if independent variables have an influence on dependent variable. Granger Causality test is also used to observe whether there are any relations among the variables.

中文翻译：

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雅加达银行同业现货美元汇率（JISDOR）作为参考汇率：有效吗？

本研究分析了不可交割远期（NDF）和美元/印尼盾的即期汇率对印尼银行参考汇率，雅加达同业即期美元汇率（JISDOR）的影响。市场参与者使用早于JISDOR的NDF作为参考汇率。确定NDF的简单方法对印尼盾的波动性产生了很大影响，促使印尼央行发行自己的参考货币。JISDOR表示印度尼西亚银行发行的汇率为国内和海外外汇市场的参考汇率。创建参考汇率的方法是通过由中央银行管理的监控系统对实际交易的平均汇率进行加权。但是，问题出现了：如果在管辖范围之外有一方根据该党的预期议程发布了NDF汇率作为基准，可能影响印尼盾的国内汇率，则货币当局应采取的措施。我们使用OLS和ARCH / GARCH来查看自变量是否对因变量产生影响。格兰杰因果关系检验还用于观察变量之间是否存在任何关系。