“…Considering the context of a developing nation, the pattern of economic growth is largely dependent on consumption of commercial energy generated from fossil fuel, of which crude oil shares a giant percentage (Bosupeng, 2015;Delang, 2016;Hussien et al, 2016;Ibrahiem, 2016;Ramlall, 2016;Siedenburg, 2015;Sinha, 2014Sinha, , 2015aSinha, , 2015bSinha and Bhattacharya, 2014, 2016a, 2016b, 2017Sinha and Mehta, 2014). Now, in order to determine the exchange rate, only crude oil price may not be a good indicator, as the balance of payment condition of a nation largely depends on the crude oil importing behavior.…”