The standard uncovered interest parity (UIP) – a logarithm version – is inappropriate for currencies with a high-interest rate because the high-interest rate (i) does not satisfy the ln(1+i)=i condition. Therefore, we develop a precise form of UIP and evaluate its existence using BRICS countries as an example. The Stock–Watson dynamic ordinary least squares (DOLS) approach based on a panel cointegration test provides individual and group estimation, finding that UIP holds for all BRICS members except for China. This implies that the financial markets of other four economies are fully integrated with the United States financial market.