The aim of this study was to analyse the dynamic relationship between selected macroeconomic variables on the bilateral exchange rate of Malaysia with its neighbouring countries. The macroeconomic variables used are export, import, inflation, interest rate and gross domestic product. The time series data used in this study is starting January 2014 until December 2021. Method of analysis used in this study Autoregressive Distributed Lag (ARDL) to determine the effects and relationships of bilateral exchange rate and macroeconomic variables. In this study there are two bilateral exchange rates consisting of Malaysia-Singapore exchange rate (MSER) and Malaysia-Thailand exchange rate (MTER). This study compares three models that differ in time span, namely the full model (2014-2021), regime 1 before health crisis; (2014-2018), and regime 2 during health crisis; (2019-2021). The results show that in the full model MSER, inflation significantly impact exchange rate, except for the export, im.....

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