The aim of this study is to test purchasing power parity hypothesis empirically by using cointegration method. For this \eason, monthly data for six major countries' exchange rates and price levels that cover the period between 1982-1997 are employed. This period represents the managed  floating exchange rate regime, and since 1989 relatively more floatin o exchange rate regime. The cointegration test results indicate that PPP does not hold for the period between 1982-1997. Nevertheless, tar the period between 1989-1997 we found a weak cointegrating between the two out of six pairs of series, These pairs of series are Italian Lira relative price and British Pound relative price series.