1 USD to PKR in 2016: A Review of the Exchange Rate
In 2016, the Pakistani Rupee (PKR) experienced significant fluctuations against the US Dollar (USD). This article provides an overview of the exchange rate between the two currencies throughout the year.
** Exchange Rate Trends in 2016 **
The exchange rate between the USD and PKR in 2016 witnessed a mix of ups and downs. The year started with the PKR trading at around 104.5 against the USD. However, the currency pair experienced a sharp decline in the first quarter, with the PKR depreciating to around 110 against the USD.
The decline was largely attributed to the decline in global oil prices, which affected Pakistan's trade balance. Additionally, the country's fragile economic conditions, including a high trade deficit and low foreign exchange reserves, also contributed to the PKR's depreciation.
** Highest and Lowest Exchange Rates in 2016 **
The highest exchange rate in 2016 was recorded on August 24, when the PKR touched 110.5 against the USD. On the other hand, the lowest exchange rate was recorded on February 12, when the PKR appreciated to 103.5 against the USD.
** Average Exchange Rate in 2016 **
The average exchange rate for the year 2016 was around 107.5 PKR per USD.
** Factors Affecting the Exchange Rate **
Several factors contributed to the fluctuations in the exchange rate between the USD and PKR in 2016. Some of the key factors included:
- Global Economic Trends: The decline in global oil prices and the subsequent impact on trade balances affected the PKR's value.
- Economic Conditions in Pakistan: The country's fragile economic conditions, including a high trade deficit and low foreign exchange reserves, contributed to the PKR's depreciation.
- Monetary Policy: The State Bank of Pakistan's (SBP) monetary policy decisions, including changes in interest rates, also influenced the exchange rate.
** Conclusion **
In conclusion, the exchange rate between the USD and PKR in 2016 was marked by significant fluctuations. The PKR depreciated against the USD, with the highest exchange rate recorded in August and the lowest in February. The average exchange rate for the year was around 107.5 PKR per USD. The exchange rate was influenced by a combination of global economic trends, economic conditions in Pakistan, and monetary policy decisions.
