PKR’s Real Effective Exchange Rate Index decreases by 4.3 precent in June

MG News | August 05, 2020 at 06:00 PM GMT+05:00

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Aug 05, 2020 (MLN): Pak Rupee's Real Effective Exchange Rate Index (REER) decreased by 4.3 percent in June 2020 to a provisional value of 93.02 from the revised value of 97.20 in May 2020.

According to data published by the State Bank of Pakistan (SBP), the REER index has increased by 2.24 percent compared to June 2019.

Similarly the Nominal Effective Exchange rate Index (NEER) decreased by 4.4 percent in June to a provisional value of 59.77 from the revised value of 62.52 in May. On a yearly basis, the NEER Index has decreased by 4.96 percent.

PKR closed June at 168.0506 against the USD showing a depreciation of 3.03 percent compared to its value in May 2020. However, Compared to June 2019 PKR has depreciated by by 5 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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