“…For instance, one study reported a negative impact of interest rates on stock returns (Yaro et al, 2021), while another found no significant effect (Kusumaningtyas et al, 2021). Similarly, one study identified a negative impact of exchange rates on stock returns (Kusumaningtyas et al, 2021), while another observed a positive but insignificant impact (Yaro et al, 2021). In summary, investors should consider macroeconomic factors like inflation, interest rates, and exchange rates when making in vestment decisions, as these factors can introduce investment risks (Stevany et al, 2022;Suryani & Mardiana, 2022).…”