S/N | Variables | ADF Fisher Chi-square | Philip Peron | Order of Integration | ||
Critical Value | P Values | Critical Value | P Value | |||
1 | FDI | −4.1933 | 0.0111 | −7.3040 | 0.0000 | I (0) |
2 | BOP | −4.6143 | 0.0056 | −5.4860 | 0.0004 | I (1) |
3 | CPI | −6.6448 | 0.0000 | −6.6450 | 0.0000 | I (1) |
4 | ER | −5.1747 | 0.0006 | −5.2266 | 0.0005 | I (1) |
5 | FER | −5.0648 | 0.0013 | −17.0102 | 0.0000 | I (2) |
6 | GDP | −10.7379 | 0.0000 | −5.0134 | 0.0010 | I (2) |
7 | GNI | −4.4058 | 0.0067 | −6.6577 | 0.0000 | I (2) |
8 | SENSEX | −3.0344 | 0.0015 | −10.9950 | 0.0000 | I (1) |
9 | NIFTY | −3.3662 | 0.0068 | −7.5102 | 0.0000 | I (1) |