Exchange rate series

Null Hypothesis: D(Exc.r) has a unit root

Exogenous: Constant, Linear Trend

Lag Length: 1 (Automatic—based on SIC, maxlag = 9)

t-Statistic

Prob.*

Augmented Dickey-Fuller test statistic

−4.110235

0.0465

Test critical values:

1% level

−2.459876

5% level

−2.421688

10% level

−2.456897