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Exchange Rates for Top 25 Richest Countries

by D.A. Workman

Currency Exchange Conceptual (courtesy of Pixabay.com)
Currency Exchange Conceptual (Pixabay)

This report focuses on currency exchange rates starting with the buying power of one US dollar in relation to the specific foreign currencies of the 25 wealthiest economies.

According to The Economist, all economic policies impact exchange rates. However, changes in a country’s interest rates have probably the most direct and visible effect on a currency’s comparative strength versus the world reserve currency, the US dollar.

The most immediate effect from a weakening currency versus the US dollar is higher domestic inflation due to the resulting more expensive imports. In addition, exports converted from a depreciating foreign currency to US dollars generate less income in US dollar terms. The foreign country’s trade balance deteriorates since it pays out more in its weakened currency to pay for imports in stronger US dollars but generates less money in American currency since fewer US dollars will buy more.

Opposite effects happen with when a foreign currency appreciates versus US dollars, nurturing trade surpluses for the trading nation with the stronger foreign exchange.

Richest Countries’ Currency Exchange Rates: November 2020

The table below shows the home country perspective for richest country exchange rates as of November 26, 2020. The domestic exchange rate identified shows the foreign currency amount required to buy one US dollar.

US dollars represent the only legal tender strong enough to be the benchmark for currency exchange rates globally.

Shown are changes in the strength of each currency from 2019 to 2020. Also identified is each country’s currency conversion structure defining how each wealthy nation calculates its exchange rates vis-à-vis the US dollar.

For example, the value of the Chinese yuan versus one US dollar is set using a monetary aggregate target. America’s largest trading partner Canada calculates its currency exchange on a free-floating basis, as does Mexico, Australia, Russia, Japan and the United Kingdom as well as European Union members that use the euro.

You can change the presentation order by clicking the triangle icons at the top of each column. Starting with the largest economy, the Rank column refers to the relative size of each country in terms of Gross Domestic Product (GDP) on a Purchasing Power Parity basis.

RankCountryCurrencyUS$20202019-20Exchange Rate Regime
1Chinayuan6.908-4.8%monetary aggregate target
2United Statesdollar10.0%global anchor
3Indiarupee70.425.1%floating
4Japanyen109.01-4.1%free floating
5Germanyeuro0.89333.1%free floating
6Russiaruble64.73816.6%free floating
7Indonesiarupiah14,148-0.1%floating
8Brazilreal3.92736.2%floating
9United Kingdompound0.78370.1%free floating
10Franceeuro0.89333.1%free floating
11Mexicopeso19.2644.1%free floating
12Italyeuro0.89333.1%free floating
13Turkeylira5.67438.8%floating
14South Koreawon1,165-4.7%floating
15Spaineuro0.89333.1%free floating
16Canadadollar1.327-1.8%free floating
17Saudi Arabiariyal3.750.0%conventional peg
18Iranrial42,0000.3%composite exchange rate anchor
19Thailandbaht31.05-2.2%floating
20Australiadollar1.439-5.6%free floating
21Polandzłoty3.839-2.2%free floating
22Pakistanrupee150.0366.1%other managed arrangement
23Malaysiaringgit4.142-1.3%other managed arrangement
24Philippinespeso48.1480.1%floating
25Netherlandseuro0.89333.1%free floating

The greatest gains in currency value against the US dollar were for the British pound (up 70.1% from the 2019 average), Turkish lira (up 38.8%), Brazilian real (up 36.2%) then the euro (up 33.1%).

Slippages against the US dollar year over year range from -0.1% for the Indonesian rupiah and -1.3% for the Malaysian ringgit up to -4.8% for the Chinese yuan and -5.6% for the Australian dollar.

Richest Countries’ Currency Exchange Rates: Historical

Presented below are the average exchange rates against the US dollar derived from daily data for 2008, 2018 and 2019. Again, the focus is on 25 of the world’s richest countries and for which historical currency exchange rates were available from the IMF or the Organisation for Economic Co-operation and Development.

RankCountryCurrencyUS$2019201820082008-192018-9
1Chinayuan6.9086.6166.949-0.6%4.4%
2United Statesdollar111n/an/a
3Indiarupee70.4268.38943.50561.9%3.0%
4Japanyen109.01110.423103.3595.5%-1.3%
5Germanyeuro0.8930.8470.6831.4%5.5%
6Russiaruble64.73862.66824.853160.5%3.3%
7Indonesiarupiah14,14814,2379,69945.9%-0.6%
8Brazilreal3.9273.6541.834114.2%7.5%
9United Kingdompound0.7830.750.54444.0%4.5%
10Franceeuro0.8930.8470.6831.4%5.5%
11Mexicopeso19.26419.24411.1373.1%0.1%
12Italyeuro0.8930.8470.6831.4%5.5%
13Turkeylira5.6744.8281.302335.9%17.5%
14South Koreawon1,1651,1011,1025.8%5.9%
15Spaineuro0.8930.8470.6831.4%5.5%
16Canadadollar1.3271.2961.06724.3%2.4%
17Saudi Arabiariyal3.753.753.75n/an/a
18Iranrial42,00040,8649,429345.5%2.8%
19Thailandbaht31.0532.3133.313-6.8%-3.9%
20Australiadollar1.4391.3381.19220.7%7.5%
21Polandzłoty3.8393.6122.40959.4%6.3%
22Pakistanrupee150.036121.82470.408113.1%23.2%
23Malaysiaringgit4.1424.33.33624.2%-3.7%
24Philippinespeso48.14828.0953.1441,431%71.4%
25Netherlandseuro0.8930.8470.6831.4%5.5%

See also Unemployment Rates for Top 25 Richest Countries, Central Bank Interest Rates and Inflation Rates for Top 25 Richest Countries

Research Reference Materials:

Central Intelligence Agency, The World Factbook Field Listing: Exchange Rates. Accessed on November 26, 2020

International Monetary Fund, Exchange Rate Archives by Month (Representative Rates for Selected Currencies. Accessed on November 26, 2020

Organisation for Economic Co-operation and Development, OECD National Accounts Statistics: exchange rates. Accessed on November 26, 2020

Investopedia, What Is Purchasing Power Parity?. Accessed on November 26, 2020

The Economist, Guide to Economic Indicators: Making Sense of Economics (7th Edition). Accessed on November 26, 2020

Trading Economics, Economic Indicators by Category: Currencies. Accessed on November 26, 2020

Wikipedia, List of countries by exchange rate regime. Accessed on November 26, 2020

World Bank, Official exchange rate (LCU per US$, period average). Accessed on November 26, 2020

Filed Under: Currency strength, Economic Indicators

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