REER Hits Three Year High in April 2021
The State Bank of Pakistan reports that the real effective exchange rate (REER) for Pakistan reached a 32-month high of 103.3 in April, showing a move of 2.8% from the level of 100.5 in the preceding month (SBP).
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A local media article claims that the REER index has been rising since January, when it decreased from 96.3 in December 2020 to 95.2, thanks to a 3.4 percent increase in the rupee’s value relative to the dollar during the current year.
After more than two years, the index reached over 100 once again in March.
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The rupee dropped almost 0.6 percent versus the dollar, falling to Rs 154.4 on May 31 after reaching Rs 153.45 to the dollar on April 30. As a result, REER climbed.
Before the rupee started to depreciate against the dollar once more, the exchange rate had increased to Rs 152.27 on May 7.
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