REER falls by 1% to 96.84 in March

MG News | May 01, 2022 at 01:21 PM GMT+05:00

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May 01, 2022 (MLN): The Real Effective Exchange Rate (REER) index was recorded at 96.84 in March 2022, showing a drop of 1% compared to 97.82 in February 2022, the latest monthly data published by the State Bank of Pakistan (SBP) showed.

The index fell by 3.96% in March 2022 against the value of 100.82 in March 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 1.14% in March 2022 to a provisional value of 54.34 from the revised value of 54.97 in February 2022. On a yearly basis, the NEER index witnessed a drop of 10.28% from the value of 60.58 in March 2021.

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