This paper examines the long run relationship between exchange rate and international reserves for a panel of seven Asian countries including India, Indonesia, Korea, Malaysia, Singapore, the Philippines, and Thailand. In particular, the paper utilizes the LL and SURADF panel unit, in conjunction with the likelihood-based cointegration procedures to ascertain the time series properties of exchange rate and international reserves for the sample countries. The results from the panel unit root tests reveal that exchange rates and international reserves for the sample countries are first difference stationary.  The various cointegration test results indicate that there is a long run equilibrium relationship between exchange rates and international reserves for the sample countries. The estimates from both the FMOLS and the Breitung two-step procedures suggest that exchange rate is an important determinant of international reserves and vice versa for all of the sample countries.