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The purpose of this paper is to investigate the effects of exchange rates on debtand equity-based foreign capital inflows in Turkey. For this purpose, long run coefficient values were estimated with Dynamic Ordinary Least Squares (DOLS) method using the monthly data of 1991:12-2019:10 period. According to the model estimation results, variables move together in the long run. However, the effect of exchange rate on debt-based foreign capital inflows is positive and the effect on equity-based foreign capital inflows is negative. These findings point out that in Turkey external debt burden is high, and the firms are orientation intensively outsourcing use. [ABSTRACT FROM AUTHOR]