REER drops by 0.84% in April
MG News | June 07, 2022 at 02:24 PM GMT+05:00
June 07, 2022 (MLN): The Real Effective Exchange Rate (REER) index was recorded at 95.85 in April 2022, showing a drop of 0.84% compared to 96.66 in March 2022, the latest monthly data published by the State Bank of Pakistan (SBP) showed on Tuesday.
On year-on year, the index fell by 6.90% against the value of 102.95 in April 2021.
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 fall indicates an increase in trade competitiveness.
Meanwhile, the Nominal Effective Exchange rate Index (NEER) decreased by 1.74% in April 2022 to a provisional value of 53.40 from the revised value of 54.34 in March 2022. On a yearly basis, the NEER index witnessed a drop of 13.5% from the value of 61.75 in April 2021.
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