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Market Efficiency in Indian Exchange Rates: Adaptive Market Hypothesis

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Table 2. Automatic variance ratio test and Belaire-Franch and Contreras rank-based tests: Whole sample analysis
Figure 1. (a) Time-varying p-values based on AVR test (non-overlapping window analysis): The moving window size is equal to the number of days in the given year
Figure 2(a) to Figure 2(c) report the results of the overlapping moving window analysis based on the AVR test and Belaire-Franch and Contreras [21]rank-based tests for all the exchange rates under study
Figure 2. (a) Time-varying p-values based on AVR test (overlapping window analysis): The size of the rolling window is taken as 1000 which is equivalent to approximately 4 years of daily data

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