According to data released by the State Bank of Pakistan (SBP), the country’s Real Effective Exchange Rate (REER) increased to 104.76 in November 2025, up from 103.92 (revised) in October 2025. A REER above 100 indicates that domestic exports are less competitive while imports are cheaper. Conversely, a value below 100 suggests the opposite scenario.
The State Bank reported that REER rose by approximately 0.8 percent on a monthly basis. Compared to November 2024, the REER value increased by 1.7 percent, when it stood at 103.02. The SBP also clarified that the REER index value of 100 should not be misinterpreted as the currency being perfectly balanced.
Meanwhile, the Normal Effective Exchange Rate Index (NEER) increased by 0.49 percent in November 2025, reaching a provisional value of 38.18, up from 38.00 in October 2025. On an annual basis, the NEER index fell by 1.8 percent compared to 38.89 in November 2024
