This study aims to determine the effect of the dollar exchange rate and the interest on the level of financial leverage (Degree of Financial Leverage) directly and through a dividend payout ratio (DPR). The method used to analyze these data is multiple regression and path analysis models. T test and F test is also used to determine the effect of significantly. Based on data analysis known that the dollar exchange rate and interest does not significantly affect the dividend payout ratio either partially or simultaneously. The influence of the dollar exchange rate against the DFL amounted to -0.081. While the influence of these variables indirectly obtain any DFL through Parliament by 0.001675. Affect the value of the deposit rate amounted to 0.029 DFL directly. While the indirect effect of the DFL deposit interest through Parliament at 0.029. Parliament variables affect the DFL amounted to -0.025.