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Empirical analysis of long run equilibrium between exchange rate and foreign exchange reserve – an Indian perspective

The present study makes an effort to find the long run equilibrium between Exchange Rate and Foreign Exchange Reserve. Fifteen years data of these variables has been extracted from the official website of Reserve Bank of India and has been analyzed by devising statistical software E – Views. | Empirical analysis of long run equilibrium between exchange rate and foreign exchange reserve an Indian perspective International Journal of Management IJM Volume 7 Issue 6 September October 2016 pp.89 94 Article ID IJM_07_06_010 Available online at http www.iaeme.com ijm issues.asp JType IJM amp VType 7 amp IType 6 Journal Impact Factor 2016 8.1920 Calculated by GISI www.jifactor.com ISSN Print 0976-6502 and ISSN Online 0976-6510 IAEME Publication EMPIRICAL ANALYSIS OF LONG RUN EQUILIBRIUM BETWEEN EXCHANGE RATE AND FOREIGN EXCHANGE RESERVE AN INDIAN PERSPECTIVE Dr. Pritpal Singh Bhullar Assistant Professor - Department of Humanities amp Management Studies Giani Zail Singh Campus College of Engineering amp Technology India. Manika Dhameja CA Final ICAI New Delhi India ABSTRACT The present study makes an effort to find the long run equilibrium between Exchange Rate and Foreign Exchange Reserve. Fifteen years data of these variables has been extracted from the official website of Reserve Bank of India and has been analyzed by devising statistical software E Views. Regression analysis has been applied through SPSS to evaluate the relationship between foreign exchange reserve and exchange rate. The statistical output of present research supports the previous research documents and shows the existence of long run equilibrium between these foreign exchange reserve and exchange rate. It also supports the influence of foreign exchange reserve on the exchange rate of country. Key words Foreign exchange Reserve Exchange Rate Regression. Cointegration Test and Unit Root Test. Cite this Article Dr. Pritpal Singh Bhullar and Manika Dhameja Empirical Analysis of Long Run Equilibrium between Exchange Rate and Foreign Exchange Reserve An Indian Perspective. International Journal of Management 7 6 2016 pp. 89 94. http www.iaeme.com IJM issues.asp JType IJM amp VType 7 amp IType 6 1. INTRODUCTION Capital flow acts as the blood in veins of the economy. High capital flow boosts the