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Tunakan DURAN Abstract In this study, we examine the determinants of foreign exchange rate, in other words the macroeconomic variables which are affecting the foreign exchange rate and especially whether the foreign exchange rate are influenced by the central banks' gold reserves. The most important feature of the study is to determine the relationships between foreign exchange rate with the various macroeconomic variables such as GDP, M1, Import, Export, Gold Reserve, Total Reserves by panel data modeling, and also to handle the forecasts models for predicting the exchange rate in a summary and understandable way. By way of this thought, in this paper, the relationships between foreign exchange rate with the various macroeconomic variables have been investigated for G20 countries (Argentina, Australia, Brasil, Canada, Chine, Euro Area (19 countries), India, Indonesia, Japan, Korea, Mexico, Russia,Saudi Arabia, South Africa, Turkey, UK, USA) for the period 2000-2017 with two regression models. Data set and methodology were mentioned in part III. According to the results obtained; we claim that the effects of percentage changes of macroeconomic parameters via both quarterly and yearly are statistically significant on the percentage change of USD exchange rate against national currency. In model-1 related with quarterly change; the results could be seen on table-4 and similarly in model-2 related with yearly change; the results could be seen on table-5. In brief; in this paper we see that the periodic changes both in the parameters of macroeconomic indicators and gold reserves within quantity and size directly effect the USD exchange rate against natioanl currency strongly.

IMPACT OF THE PERIODIC CHANGES IN MACROECONOMIC PARAMETERS AND GOLD RESERVES ON THE USD EXCHANGE RATE AGAİNST G20 CURRENCIES