This study explores the influence of Bank Al-Maghrib's interventions on exchange rate behavior in Morocco from 1990 to 2024. With an ARDL model integrating key macroeconomic factors (inflation, interbank rate, liquidity, and foreign reserves), the research goal is to observe the short- and long-run relationships between monetary policy and the dirham's appreciation. Apparently, the results reveal the presence of a long-run correlation of the studied variables, meaning that the exchange rate demonstrates a sustained-in-time response to monetary fundamentals. Notably, the money supply and foreign exchange reserves appear as the most influential determinants, thereby confirming the supremacy of interventions and withdrawal in foreign exchange markets. The analysis also shows there exists a major impact of the interest rate, which exemplifies the role of the financial channel in the Moroccan setting. The findings also establish that there is a quick adjustment of the exchange rate to its long-term equilibrium, and a strong structural stability of the model. Thus, the study enhances the knowledge about Morocco's exchange rate policy and stresses the importance of policy coordination among reserve management, monetary discipline, and specific central bank operations to boost the dirham's stability during the transitional economy times.