I currently have a reciprocal link exchange program on my site. However, I am wondering if this program is actually hurting my page rank. I am thinking about either removing it or just having links specifically relevant to my site. Any opinions on reciprocal link exchange programs and whether they should be included on sites? Thanks.
Better you stay away from link exchange concepts. Nowadays, Google strictly ban the websites which is involved in link scheme programs. Because, Google thinks there is some agreement made between two webmasters to improve the traffic of their websites. So, it seems to be unnatural in Google's eye..
I don't think any kind of automated (if that's what you have) link exchange program is a good idea. I've done away with most of my reciprocals, I only have about 30 left and have made them all no follow.
One way linking is always better and juicy than Reciprocal linking so if you are using any reciprocal program you must terminate it and build one way linking for your website it will boost your PR.
Don't be blind to the value of outbound links. Part of utility is who you link too and their reputation and a clear sign of "over SEOing" is linking to many places but giving value to none. If there are relevant sites that match an article, product, etc don't be afraid to point people too them here and there.
Recently Google has Confirmed Reciprocal link exchange program has banned. because Google consider it's a agreement between two webmaster for improving their website ranking so avoid reciprocal link exchange program.
Alwaysgo with One way linking and Not reciprocal links. One way links add you more value with their links. You need to priortize your straegies and see that you do not enter into any such activities. Add only relevant links to your site so that it makes sense when someone navigates from the other site to your site.