The exchange rate policy considered as one of the most important macro-economic policy instruments, for it constitutes along with other policies an effective mechanism to protect the local economy from internal and external shocks. As a result, the importance of looking for the optimal model, which ensures internal and external balance, appeared and exchange rate is squeamish economic variable, especially in front of the great effect of the international trade on the economic development, and the international capital markets development. This paper is aimed to investigate the drivers of the Foreign Exchange Rate Fluctuations through giving international proof on 7 Asian developing countries, which are China, Korea, India, Pakistan, Philippines, Singapore, and Sri Lanka, and test the variables that can affect the exchange rate in this group of countries during 21 years from 1995 till 2015. The researcher use multiple linear regression analysis by GMM techniques that is a suitable estimator for not normally distributed samples. The model tested the impact of the independent variables, which are inflation rate, interest rate, GDP per capita, International reserve, public budget deficit, current account balance, government debt, FDI net inflow, and net foreign assets on the dependent variable, which is the exchange rate. The research shows that the only factor affects the exchange rate significantly in the Asian developing countries GDP per capita.