PKR’s Real Effective Exchange Rate Index increases by 3.18 precent in October

MG News | December 01, 2020 at 03:20 PM GMT+05:00

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December 01, 2020 (MLN): Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 3.18 percent in October 2020 to a provisional value of 97.11 from the revised value of 94.12 in September 2020.

According to data published by the State Bank of Pakistan (SBP), the REER index has increased by 2.43 percent compared to October 2019.

Similarly the Nominal Effective Exchange rate Index (NEER) increased by 1.55 percent in October to a provisional value of 59.07 from the revised value of 58.17 in September. On a yearly basis, the NEER Index has decreased by 6.28 percent.

PKR closed October at 160.2578 against the USD having appreciated by 3.40 percent compared to its value in September 2020. However, Compared to October 2019 PKR has depreciated by by 2.86 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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