“…Most of the studies appear to focus more prominently on the role of oil price shocks in the stock price model. 1 A host of other studies examine the influence of exchange rate risks in stock markets models (see for example; Aydemir and Demirham, 2009;Kutty, 2010;Litsios, 2013;Dellas and Tavlas, 2013;Zubair, 2013;Al-Shboul and Anwar, 2014;Raza et al, 2016;Zivkov et al, 2016).…”