Theory predicts that the behaviour of economic agents could cause real exchange reate variations as the age structure varies. While such effects previously have been established on single countries, this paper investigates whether they can be found on a larger number of economies. Using a panel of 25 OECD countries between 1971 and 2002, a reduced form model with population age shares as regressors is estimated. The results support that demographic structure has significant explanatory power on the real exchange rate and the estimated relationship favors age structure effects in accordance with the life cycle hypothesis.