A Note on Trade-Weighted Over-Valuation of the Pakistan Rupee

M. L. Qureshi and Surraiya Nishat
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M. L. Qureshi: Pakistan Institute of Development Economics
Surraiya Nishat: Pakistan Institute of Development Economics

The Pakistan Development Review, 1978, vol. 17, issue 2, 248-252

Abstract: The Pakistan rupee was devalued from Rs. 4.76 to a US dollar to Rs. 11.00 to a US dollar in May 1972 and was revalued to Rs. 9.90 to a US dollar in February 1973. The dollar ha~ depreciated substantially since then in relation to certain currencies such as the Swiss franc, Deutsche mark, yen and the guilder. It is generally believed that the Pakistan rupee, because of its link with the dollar, has depreciated not only against the above currencies but also in an overall sense so that the rupee has been defacto devalued. An attempt has been made in this note to find out whether the rupee has been de facto devalued or over-valued.

Date: 1978
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