| Variable | At Level | First Difference | ||
| Constant | Trend | Constant | Trend | |
| ER Pakistan-India | −3.53 (2) | −3.49 (4) | −5.34 (2)*** | −3.41 (2)*** |
| CPI Pakistan | −2.61 (0) | −2.80 (0) | −6.45 (0)*** | −6.76 (0)*** |
| CPI India | −3.29 (4) | −5.25 (1) | −3.21 (3)*** | −10.32 (0)*** |