Exchange Rate

Variables

t-Statistics at Level

p-Value

t-Statistics at First Difference

p-Value

USD/INR

USD/INR Spot

−0.967602

0.7663

−31.77097*

0.0000

USD/INR Futures

−1.044505

0.7389

−23.16401*

0.0000

EURO/INR

EURO/INR Spot

−1.572539

0.4963

−30.75897*

0.0000

EURO/INR Futures

−1.552560

0.5066

−31.08740*

0.0000

GBP/INR

GBP/INR Spot

−1.757290

0.4020

−29.99626*

0.0000

GBP/INR Futures

−1.826735

0.3676

−29.78690*

0.0000

JPY/INR

JPY/INR Spot

−1.697988

0.4320

−32.43747*

0.0000

JPY/INR Futures

−1.628750

0.4674

−32.72482*

0.0000