The study looked at how changes in exchange rates affect the stock prices of Turkish private banks. They found that exchange rate fluctuations can impact banks in various ways, even if they are not directly involved in foreign currency transactions. The researchers used a cointegration model to analyze the effect of unexpected changes in exchange rates on the stock prices of 11 commercial banks in Turkey. The findings suggest that the stock prices of these banks are influenced by unanticipated changes in exchange rates, highlighting the importance of understanding foreign exchange exposure in the Turkish banking system.