Identity-based authenticated key exchange protocol(IBAKE) with perfect forward security(PFS) is one of the major advancement in the field of cryptography. This protocol is used to establish secure communication between two parties who are provided with their own unique identities, by establishing their common secret keys without the need of sending and verifying their public key certificates. This scheme involves a key generation centre(KGC) which would provide the two parties involved, with their static key that can be authenticated by the parties. Our protocol can be viewed as a variant of the protocol proposed by Xie et al. in 2012 [8]. Our protocol does not rely on bilinear pairings. We have made a comparative study of the existing protocol and the proposed protocol and proved that our protocol is more efficient. We have also provided enough proofs to verfy that our protocol is secure under attacks and is not forgeable.