1 Dollar to PKR in 2016
The exchange rate between the US dollar (USD) and the Pakistani rupee (PKR) is an important indicator of the economic health of Pakistan. In 2016, the exchange rate fluctuated significantly, reflecting various economic and political factors. In this article, we will examine the exchange rate of 1 USD to PKR in 2016.
** Exchange Rate in 2016 **
The average exchange rate in 2016 was around 104.66 PKR per USD. However, the exchange rate varied throughout the year, influenced by various factors such as changes in global commodity prices, monetary policy decisions, and political events.
** Highest and Lowest Exchange Rate in 2016 **
The highest exchange rate in 2016 was recorded on August 24, 2016, when 1 USD was equivalent to 109.50 PKR. This was largely due to the impact of the Brexit referendum in the UK, which led to a decline in global currencies, including the PKR.
On the other hand, the lowest exchange rate in 2016 was recorded on January 4, 2016, when 1 USD was equivalent to 98.50 PKR. This was largely due to the improvement in Pakistan's macroeconomic indicators, including a decline in inflation and an increase in foreign exchange reserves.
** Factors Affecting the Exchange Rate in 2016 **
Several factors contributed to the fluctuations in the exchange rate in 2016, including:
Global Commodity Prices
Changes in global commodity prices, particularly oil prices, had a significant impact on the exchange rate in 2016. A decline in oil prices led to a decrease in Pakistan's import bill, resulting in a appreciation of the PKR.
Monetary Policy Decisions
The State Bank of Pakistan (SBP) implemented various monetary policy decisions in 2016, including changes in interest rates and reserve requirements, which affected the exchange rate.
Political Events
Political events, both domestic and international, also influenced the exchange rate in 2016. The Brexit referendum in the UK and the US presidential election, for example, led to a decline in global currencies, including the PKR.
** Conclusion **
In conclusion, the exchange rate of 1 USD to PKR in 2016 was influenced by a range of factors, including changes in global commodity prices, monetary policy decisions, and political events. The exchange rate fluctuated significantly throughout the year, with a highest rate of 109.50 PKR per USD and a lowest rate of 98.50 PKR per USD. Understanding these factors is essential for investors, policymakers, and businesses to make informed decisions.
