REER depreciates to 86.4 in Feb.

Pakistan's currency has hit an all-time low against a basket of currencies of trading partner countries, falling to 84.6 on the index in February, as the market-based exchange rate failed to sustain its fair value. The currency is considered to be at its fair value when it moves in the range of 95-105 on the index. According to data from the State Bank of Pakistan released on Tuesday, the real effective exchange rate (REER) - the value of the local currency compared to the basket of currencies of trading partner countries - depreciated by 7.52 to 86.4 in February 2023 compared to 93.96 in January 2023. The domestic currency closed at Rs261.50 against the US dollar in the interbank market on February 28, 2023. It closed at Rs267.88/$ on January 31, 2023, according to the...