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We consider power adaptation strategies for binary phase-shift keying signals in Rayleigh fading channels under the assumption that channel state information is provided at both the transmitter and the receiver. We first derive a closed-form expression for the optimal power adaptation that minimizes average bit-error rate (BER) subject to average and peak transmission power constraints. Then, we analyze the average BER for channel inversion power adaptation with the same constraints. Our results show that the performance difference between the optimal power adaptation and the channel inversion becomes negligibly small as available average transmission power increases and/or peak-to-average power ratio decreases. We also find that an optimal peak-to-average power ratio exists that minimizes the average BER in the channel inversion scheme.