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This paper examines the relationship between interest rate,money supply,exchange rate and stock prices in Pakistan.Three different analytical approaches have been used to measure long run,short run and dynamic relationship among the variables.Multivariate Johansen Cointegration approach is used for long run equilibrium relationship,VECM and granger causality tests are used for short run analysis and finally Impulse Response Functions(IRFs)and Variance Decomposition techniques are used for dynamic analysis.