PKR’s Real Effective Exchange Rate Index decreases by 1.43 precent in August

MG News | October 22, 2020 at 09:15 PM GMT+05:00

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October 22, 2020 (MLN): Pak Rupee's Real Effective Exchange Rate Index (REER) decreased by 1.43 percent in August 2020 to a provisional value of 91.69 from the provisional value of 93.02 in July 2020.

According to data published by the State Bank of Pakistan (SBP), the REER index has decreased by 1.07 percent compared to August 2019.

Similarly the Nominal Effective Exchange rate Index (NEER) decreased by 1.88 percent in August to a provisional value of 57.54 from the provisional value of 58.64 in July. On a yearly basis, the NEER Index has decreased by 7.28 percent.

PKR closed August at 166.2397 against the USD having appreciated by 0.44 percent compared to its value in July 2020. However, Compared to August 2019 PKR has depreciated by by 5.98 percent.

REER is a measure of the value of a currency against a weighted average of several foreign currencies, a decrease in REER implies that exports have become cheaper while imports become more expensive therefore, this decrease indicates an increase in trade competitiveness.

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