Forecasting Exchange Rate of Pakistan Using Time Series Analysis

Table 11

Forecast performance of estimated models.

Forecast performance	Models for USD/PKR series
	ARCH	GARCH
Root mean square error (RMSE)	0.468248^1	0.635898^2
Mean absolute error (MAE)	0.350321^1	0.444160^2
Mean absolute percent error (MAPE)	0.228121^1	0.289045^2
Theil inequality coefficient (TIC)	0.001530^1	0.002079^2
Overall rank	1	2