The real exchange rates between Bangladesh and its major trading partners do not tend to revert to a long-run mean, challenging the Purchasing Power Parity (PPP) hypothesis. Various tests were conducted on five important real exchange rates to assess their stationarity, including basic unit root tests and more advanced panel unit root tests. The results consistently showed that the real exchange rates of Bangladesh do not follow the PPP hypothesis, indicating caution is needed when making policies based on this assumption.