REER Hits Three Year High in April
According to the State Bank of Pakistan, Pakistan’s real effective exchange rate (REER) increased by 2.8 percent from the previous month’s level of 100.5 to a 32-month high of 103.3 in April (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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