This paper analyzed the association between macroeconomic variables and volatility of Tunisia stock exchange .We have taken data from 1993 to 2012 and applied the Pearson s correlation test. Our results are showing that there is always association between macroeconomic variables and stock market of Tunisia. Now a day, it is seen that exchange rate is appearing as the strategic variable .Exchange rate is the way of the express the price of one country s currency in terms of another currency

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... , with the help of exchange rate can be determined prices of all foreign and local goods