Model III: The results showed forward position (bought), balance of payment and international
reserves had a correlation coefficient R2
that was 0.860 which explained that 86 percent of the variation
in the exchange rate explained by the variability in forward position (bought) and balance of payment.
The regression showed the beta was - 0.00004742, -0.492, and 0.00001155 that meant the regression
coefficient was negative relationships among forward position, balance of payment, international reserves and exchange rate (forward position, balance of payment and international reserves increase,
exchange rate would decrease). The regression equation as follow: