PKR’s Real Effective Exchange Rate Index decreases by 1.6 precent in May

MG News | June 28, 2019 at 06:05 PM GMT+05:00

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Jun 28, 2019 (MLN): Pak Rupee's Real Effective Exchange Rate Index (REER) decreased by 1.6 percent in May 2019 to a provisional value of 102.5977 from the revised value of 104.2608 in April 2019.

According to data published by the State Bank of Pakistan (SBP), the REER index has decreased by 9.65 percent compared to May 2018.

Similarly the Nominal Effective Exchange rate Index (NEER) decreased by 2.18 percent in May to a provisional value of 67.8286 from the revised value of 69.3375 in April. On a yearly basis, the NEER Index has decreased by 16.99 percent.

PKR closed May at 147.9282 against the USD showing a depreciation of 4.62 percent compared to its value in April 2019. However, Compared to May 2018 PKR has depreciated by by 27.96 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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