The exchange rate is a mean of monetary regulation, it represents the external competitiveness of a country. The determination of the real exchange rate is the subject of extensive literature. The objective of this work is to identify and analyze the variables that impact the Moroccan exchange rate, based on the theory of behavioural equilibrium (Clark and Macdonald 1997), which focuses on the macroeconomic variables that influence the real long-term exchange rate. We estimate the real effective equilibrium exchange rate in Morocco and then analyze its degree of misalignment. Empirically , we implemente a vector error-correction model VECM that allowed us to establish the various long-term and short-term relationships between the real effective exchange rate and its economic fundamentals.