PKR’s Real Effective Exchange Rate Index increases by 2.54 precent in September

MG News | October 29, 2020 at 05:55 PM GMT+05:00

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Oct 29, 2020 (MLN): Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 2.54 percent in September 2020 to a provisional value of 94.12 from the revised value of 91.79 in August 2020.

According to data published by the State Bank of Pakistan (SBP), the REER index has decreased by 0.25 percent compared to September 2019.

Similarly the Nominal Effective Exchange rate Index (NEER) increased by 1.09 percent in September to a provisional value of 58.17 from the revised value of 57.54 in August. On a yearly basis, the NEER Index has decreased by 7.78 percent.

PKR closed September at 165.7021 against the USD having appreciated by 0.32 percent compared to its value in August 2020. However, Compared to September 2019 PKR has depreciated by by 5.97 percent.

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

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