The impact of oil price on the exchange rates: A panel analysis for Selected Oil Exporter Countries

Changes in oil prices can affect macroeconomic variables of both oil exporters and oil importing countries. While the rise in oil prices is Good news for Oil-exporting countries, it is bad news for oil-importing countries. The study selected 10 countries from oil-exporting developing countries. The impact of Brent crude oil prices on the exchange rate using the monthly data of these countries 2003-2017 is investigated using the panel Co-Integration test of the Westerlund (2007). Empirical findings that improvements in oil prices affect the real exchange rate of oil-exporting developing countries