Exchange rate to USD by country: the latest data

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* indicates monthly or quarterly data series
What do we see on the table: June 2022 update

Several countries, including Yemen, Sri Lanka, and Belarus experienced sizable depreciation again the dollar in the last three months. In contrast, the Russian ruble strengthened against the dollar. Over the last three months to May 2022, the dollar appreciated against the euro by about 7 percent, 12 percent against the Japanese yen and about 8 percent against the British pound. In short, the dollar has gained value against all major currencies. It also gained on the Chinese renminbi and the Indian rupee but lost some ground to the Brazilian real.

What factors determine the exchange rates

The exchange rate is the price of one currency expressed in units of another currency. We say that a currency is appreciating/depreciating relative to another currency if … continue reading below the table

Definition: The amount of local currency units that can be exchanged for one USD. An increase (decrease) means USD appreciation (depreciation).

Countries Latest available value Reference date Change three months Change twelve months
Afghanistan 89.2668 Jul / 2022 2.08% 11.63%
Albania 115.1415 Jul / 2022 3.06% 11.33%
Algeria 146.5021 Jul / 2022 1.93% 8.84%
Andorra 0.9808 Jul / 2022 6.08% 16.00%
Angola 430.7900 Jul / 2022 1.82% -32.89%
Antigua and Barbuda 2.7026 Jul / 2022 0.00% 0.00%
Argentina 128.2720 Jul / 2022 13.22% 33.39%
Armenia 409.0678 Jul / 2022 -13.29% -16.88%
Aruba 1.7979 Jul / 2022 -0.12% -0.13%
Australia 1.4567 Jul / 2022 7.18% 8.11%
Austria 0.9808 Jul / 2022 6.08% 16.00%
Azerbaijan 1.7000 Jul / 2022 0.00% 0.00%
Bahamas 0.9993 Jul / 2022 -0.23% -0.01%
Bahrain 0.3770 Jul / 2022 -0.03% 0.05%
Bangladesh 93.8917 Jul / 2022 8.65% 10.80%
Barbados 2.0166 Jul / 2022 -0.24% -0.03%
Belarus 2.7108 Jul / 2022 -18.25% 6.91%
Belgium 0.9808 Jul / 2022 6.08% 16.00%
Belize 2.0132 Jul / 2022 -0.24% -0.02%
Benin 643.0843 Jul / 2022 6.34% 15.97%
Bermuda 1.0000 Jul / 2022 0.00% 0.00%
Bhutan 79.5167 Jul / 2022 4.35% 6.69%
Bolivia 6.8662 Jul / 2022 -0.28% -0.45%
Bosnia and Herzegovina 1.9175 Jul / 2022 6.16% 15.97%
Botswana 12.6313 Jul / 2022 7.92% 14.76%
Brazil 5.3575 Jul / 2022 12.91% 3.78%
Brunei 1.3936 Jul / 2022 2.05% 2.94%
Bulgaria 1.9194 Jul / 2022 6.14% 16.05%
Burkina Faso 643.0843 Jul / 2022 6.34% 15.97%
Burma (Myanmar) 1849.9752 Jul / 2022 0.56% 12.47%
Burundi 2055.2912 Jul / 2022 1.45% 3.76%
Cambodia 4079.6496 Jul / 2022 0.74% 0.22%
Cameroon 643.1177 Jul / 2022 6.16% 15.97%
Canada 1.2925 Jul / 2022 2.30% 3.28%
Cape Verde 107.9192 Jul / 2022 5.79% 15.65%
Central African Republic 643.1177 Jul / 2022 6.16% 15.97%
Chad 643.1177 Jul / 2022 6.16% 15.97%
Chile 954.0038 Jul / 2022 16.62% 26.80%
China 6.7331 Jul / 2022 4.72% 3.99%
Colombia 4378.1680 Jul / 2022 15.23% 14.42%
Comoros 465.9803 Jul / 2022 2.42% 11.87%
Costa Rica 679.5617 Jul / 2022 3.42% 9.69%
Croatia 7.3742 Jul / 2022 5.51% 16.25%
Cuba 23.8095 Jul / 2022 0.00% -4.76%
Cyprus 0.9808 Jul / 2022 6.08% 16.00%
Czechia 24.1262 Jul / 2022 6.77% 11.34%
Democratic Republic of the Congo 1998.3599 Jul / 2022 -0.58% 0.46%
Denmark 7.2998 Jul / 2022 6.13% 16.08%
Djibouti 177.8091 Jul / 2022 -0.10% -0.01%
Dominica 2.7026 Jul / 2022 0.00% 0.00%
Dominican Republic 54.5300 Jul / 2022 -1.03% -4.33%
Egypt 18.8923 Jul / 2022 2.51% 20.45%
Equatorial Guinea 643.1177 Jul / 2022 6.16% 15.97%
Eritrea 15.1000 Jun / 2018 0.00% -1.60%
Estonia 0.9808 Jul / 2022 6.08% 16.00%
Ethiopia 52.2600 Jul / 2022 1.88% 18.61%
Euro area 0.9808 Jul / 2022 6.08% 16.00%
Faroe Islands 7.2998 Jul / 2022 6.13% 16.08%
Fiji 2.2102 Jul / 2022 4.15% 6.31%
Finland 0.9808 Jul / 2022 6.08% 16.00%
France 0.9808 Jul / 2022 6.08% 16.00%
Gabon 643.1177 Jul / 2022 6.16% 15.97%
Gambia 54.0600 Jul / 2022 0.19% 5.70%
Georgia 2.9201 Jul / 2022 -4.56% -6.46%
Germany 0.9808 Jul / 2022 6.08% 16.00%
Ghana 8.1104 Jul / 2022 7.57% 36.59%
Gibraltar 0.8129 Apr / 2020 0.00% 5.94%
Greece 0.9808 Jul / 2022 6.08% 16.00%
Grenada 2.7026 Jul / 2022 0.00% 0.00%
Guatemala 7.7328 Jul / 2022 0.72% -0.12%
Guinea 8687.2618 Jul / 2022 -2.30% -11.36%
Guinea-Bissau 643.0843 Jul / 2022 6.34% 15.97%
Guyana 208.6282 Jul / 2022 -0.26% -0.02%
Haiti 116.1808 Jul / 2022 7.16% 23.27%
Holy See (Vatican City) 0.9808 Jul / 2022 6.08% 16.00%
Honduras 24.5560 Jul / 2022 0.35% 3.16%
Hong Kong 7.8489 Jul / 2022 0.09% 1.02%
Hungary 394.8704 Jul / 2022 13.95% 30.71%
Iceland 136.3562 Jul / 2022 5.43% 9.66%
India 79.5167 Jul / 2022 4.35% 6.69%
Indonesia 14965.5356 Jul / 2022 3.94% 3.26%
Iran 280819.9877 Jul / 2022 -3.60% 13.45%
Iraq 1458.0598 Jul / 2022 -0.20% -0.01%
Ireland 0.9808 Jul / 2022 6.08% 16.00%
Israel 3.4621 Jul / 2022 6.72% 5.82%
Italy 0.9808 Jul / 2022 6.08% 16.00%
Ivory Coast 643.0843 Jul / 2022 6.34% 15.97%
Jamaica 151.5995 Jul / 2022 -1.95% -0.81%
Japan 136.3952 Jul / 2022 8.01% 23.71%
Jordan 0.7090 Jul / 2022 0.00% 0.00%
Kazakhstan 475.9965 Jul / 2022 5.01% 11.52%
Kenya 118.2921 Jul / 2022 2.39% 9.41%
Kiribati 1.4567 Jul / 2022 7.18% 8.11%
Kuwait 0.3075 Jul / 2022 0.72% 2.23%
Kyrgyzstan 81.0139 Jul / 2022 -2.87% -4.33%
Laos 15023.8189 Jul / 2022 25.68% 57.99%
Latvia 0.9808 Jul / 2022 6.08% 16.00%
Lebanon 24000.0003 Jul / 2022 0.00% 1485.25%
Lesotho 16.7037 Jul / 2022 11.51% 15.06%
Liberia 152.5776 Jul / 2022 0.26% -11.07%
Libya 4.8642 Jul / 2022 3.34% 7.79%
Liechtenstein 0.9683 Jul / 2022 2.45% 5.56%
Lithuania 0.9808 Jul / 2022 6.08% 16.00%
Luxembourg 0.9808 Jul / 2022 6.08% 16.00%
Macao 8.0745 Jul / 2022 -0.14% 0.99%
North Macedonia 60.3966 Jul / 2022 6.14% 15.95%
Madagascar 4147.5087 Jul / 2022 3.30% 7.84%
Malawi 1025.0942 Jul / 2022 25.85% 26.97%
Malaysia 4.4393 Jul / 2022 4.08% 5.64%
Maldives 15.3563 Jul / 2022 -0.58% -0.33%
Mali 643.0843 Jul / 2022 6.34% 15.97%
Malta 0.9808 Jul / 2022 6.08% 16.00%
Mauritania 357.0500 Sep / 2018 0.36% 0.35%
Mauritius 45.2650 Jul / 2022 4.20% 5.93%
Mexico 20.4978 Jul / 2022 2.12% 2.74%
Moldova 19.2421 Jul / 2022 4.47% 6.98%
Monaco 0.9808 Jul / 2022 6.08% 16.00%
Montenegro 0.9808 Jul / 2022 6.08% 16.00%
Montserrat 2.7026 Jul / 2022 0.00% 0.00%
Morocco 10.2255 Jul / 2022 4.20% 14.46%
Mozambique 63.8639 Jul / 2022 0.03% 0.50%
Namibia 15.1278 Jul / 2022 1.19% 3.07%
Nepal 127.1175 Jul / 2022 4.21% 6.69%
Netherlands 0.9808 Jul / 2022 6.08% 16.00%
New Caledonia 113.4790 Jul / 2022 2.55% 11.98%
New Zealand 1.6130 Jul / 2022 8.91% 12.69%
Nicaragua 35.8322 Jul / 2022 0.14% 2.35%
Niger 643.0843 Jul / 2022 6.34% 15.97%
Nigeria 417.0283 Jul / 2022 0.31% 1.43%
Norfolk Island 1.4567 Jul / 2022 7.18% 8.11%
North Korea 900.0009 Jun / 2018 -0.00% 0.00%
Norway 9.9718 Jul / 2022 12.07% 13.65%
Oman 0.3850 Jul / 2022 -0.05% 0.00%
Pakistan 217.1705 Jul / 2022 17.59% 35.74%
Panama 0.9987 Jul / 2022 -0.25% -0.03%
Papua New Guinea 3.5448 Jul / 2022 0.76% 1.04%
Paraguay 6860.2261 Jul / 2022 -0.15% 0.41%
Peru 3.8954 Jul / 2022 4.23% -0.86%
Philippines 55.8505 Jul / 2022 7.38% 11.60%
Poland 4.6713 Jul / 2022 8.65% 21.14%
Portugal 0.9808 Jul / 2022 6.08% 16.00%
Qatar 3.6410 Jul / 2022 0.00% 0.00%
Republic of the Congo 643.1177 Jul / 2022 6.16% 15.97%
Romania 4.8442 Jul / 2022 5.97% 16.32%
Russia 59.3958 Jul / 2022 -26.02% -19.66%
Rwanda 1028.4265 Jul / 2022 0.68% 2.50%
Saint Lucia 2.7026 Jul / 2022 0.00% 0.00%
Saint Vincent and the Grenadines 2.7026 Jul / 2022 0.00% 0.00%
San Marino 0.9808 Jul / 2022 6.08% 16.00%
Sao Tome and Principe 20000.0005 Jun / 2018 -0.00% -8.51%
Saudi Arabia 3.7551 Jul / 2022 0.11% 0.11%
Senegal 643.0843 Jul / 2022 6.34% 15.97%
Serbia 115.1221 Jul / 2022 5.75% 15.83%
Seychelles 13.3517 Jul / 2022 -6.22% -8.88%
Sierra Leone 13217.4219 Jul / 2022 7.98% 28.89%
Singapore 1.3946 Jul / 2022 2.12% 2.93%
Slovakia 0.9808 Jul / 2022 6.08% 16.00%
Slovenia 0.9808 Jul / 2022 6.08% 16.00%
Solomon Islands 8.1660 Jul / 2022 1.89% 1.56%
Somalia 573.8757 Jul / 2022 -0.96% -0.69%
South Africa 16.8083 Jul / 2022 11.76% 15.80%
South Korea 1265.8228 Jul / 2022 5.66% 11.55%
Spain 0.9808 Jul / 2022 6.08% 16.00%
Sri Lanka 359.5241 Jul / 2022 10.84% 80.55%
Sudan 530.0000 Jul / 2022 18.57% 20.85%
Suriname 22.9287 Jul / 2022 10.62% 8.30%
Swaziland 16.8046 Jul / 2022 12.09% 15.77%
Sweden 10.3645 Jul / 2022 8.47% 20.15%
Switzerland 0.9683 Jul / 2022 2.45% 5.56%
Syria 3848.0000 Jul / 2022 10.42% 18.40%
Taiwan 29.8695 Jul / 2022 2.66% 6.69%
Tajikistan 10.1925 Jul / 2022 -18.69% -10.58%
Tanzania 2329.6661 Jul / 2022 0.24% 0.54%
Thailand 36.3136 Jul / 2022 7.51% 11.11%
Togo 643.0843 Jul / 2022 6.34% 15.97%
Tonga 2.3495 Jul / 2022 3.58% 4.12%
Trinidad and Tobago 6.7830 Jul / 2022 -0.22% -0.01%
Tunisia 3.0808 Jul / 2022 2.70% 10.61%
Turkey 17.4488 Jul / 2022 18.62% 103.01%
Turkmenistan 3.5015 Jul / 2022 0.10% 0.26%
Tuvalu 1.4567 Jul / 2022 7.18% 8.11%
Uganda 3791.1170 Jul / 2022 6.94% 6.80%
Ukraine 31.3532 Jul / 2022 5.84% 15.38%
United Arab Emirates 3.6731 Jul / 2022 0.00% 0.00%
United Kingdom 0.8326 Jul / 2022 7.72% 15.03%
Uruguay 40.8912 Jul / 2022 -0.62% -6.73%
Uzbekistan 10907.6131 Jul / 2022 -3.68% 2.74%
Vanuatu 109.4335 Jun / 2018 -0.00% -0.63%
Vietnam 23381.6118 Jul / 2022 2.06% 1.70%
Yemen 1239.0000 Jul / 2022 11.02% 395.17%
Zambia 16.4418 Jul / 2022 -5.43% -25.09%


What factors determine the exchange rates

The exchange rate is the price of one currency expressed in units of another currency. We say that a currency is appreciating/depreciating relative to another currency if it takes more/less units of the other currency to purchase it.

The exchange rate appreciates when the demand for the currency increases, i.e. when more people want to buy it and depreciates when the supply increases, i.e. when more people want to sell it. Look at it from the U.S. perspective. Foreigners want to buy dollars when they:

1. Invest in the U.S.
2. Buy goods and services from the U.S.

At the same time U.S. citizens sell dollars when they:

1. Invest overseas.
2. Buy foreign goods and services.

Holding all else constant, if foreign investment in the U.S. increases, this will create more demand for dollars, and the dollar will appreciate. Similarly, when the U.S. increases its international purchases and investments, that creates additional supply of dollars and the dollar will depreciate.

Several examples

U.S. interest rates increase. That leads to greater foreign investment into the U.S., greater demand for dollars, and dollar appreciation.

New tariffs on U.S. exports to Europe. Now foreigners buy fewer U.S. goods, the demand for dollars declines, and the dollar depreciates.

The U.S. economy is growing rapidly. On one hand, that attracts foreign investment and causes dollar appreciation. On the other hand, U.S. imports increase since Americans can buy more international goods and services and cause dollar depreciation. We are not sure which effect would be stronger but usually a growing economy is associated with an appreciating currency.

Expected appreciation of the dollar. If for some reason investors believe that the dollar will appreciate in one year, they will want to buy it now. This creates additional demand for dollars and leads to appreciation now.

If you wonder what the effect of some macroeconomic variable on the exchange rate is, ask yourself how, holding everything else constant, that variable affects the demand or the supply of the currency. Based on that, you can determine if the change is likely to lead to appreciation or depreciation.

Forecasting currency values: short, medium, and long run

Of course, in reality there are multiple macroeconomic changes occurring at the same time. Interest rates may be changing in various countries, GDP growth rates differ, trade flows shift, etc. The combination of all these factors makes it virtually impossible to predict the exchange rate at short horizons (days, weeks). Too many fundamentals are moving in different directions at the same time. Therefore, economists say that the exchange rate follows a “random walk”, i.e. the best forecast of tomorrow’s exchange rate is today’s exchange rate. The likelihood of appreciation and depreciation are the same.

At medium-term time horizons (months, a few years) the effect of particular macroeconomic fundamentals on the exchange rate becomes more visible. For example, if the economy is growing rapidly its currency is likely to appreciate as the country attracts international capital that creates demand for the local money.

In contrast, in the long-run (many years, decades) macroeconomic fundamentals cease to have a role. Over such long periods of time, the economic growth rates, interest rates, as well as international trade and investment flows have stabilized at some “average” levels. Then, the only determinant of the exchange rate is the rate of money supply growth. Countries that print money more rapidly than the rest of the world will experience currency depreciation. In fact, the size of the depreciation would be equal to the increase of the money supply. Recall that the exchange rate is the price of a currency. If you create too much of it the price will come down.

Exchange rate regimes

Countries may adopt various exchange rate regimes depending how much currency flexibility they want. At one extreme is the pure float, where the exchange rate is determined entirely by market conditions without any intervention by the government. The exchange rate changes in response to changes in the demand and supply. At the other end of the spectrum are fixed exchange rate regimes. The government announces a fixed exchange rate to the dollar, the euro or another currency and intervenes in the currency markets to maintain that value. It will sell domestic currency for foreign currencies to cause depreciation of the domestic money and will buy the domestic currency using its foreign exchange reserves to cause appreciation. These transactions are called “foreign exchange market intervention” and their goal is to keep the exchange rate fixed. In the intermediate case, the government may allow the exchange rate to respond to market conditions and intervene only occasionally to prevent large changes. In that case, the country has a managed floating exchange rate regime.

We can mention a few additional interesting cases. Dollarization is the case when a country adopts the dollar as official money. An example is Ecuador which abandoned its own currency and switched to the dollar. A currency union is a group of several countries that have the same currency. The prime example is the European Monetary Union using the euro. A currency board is a fixed exchange rate regime where the government is obligated by law to maintain very large foreign exchange reserves. Hong Kong has such a policy. The gold standard is a policy where the money in circulation is backed by gold – people can exchange with the government money for gold and gold for money at a fixed rate. That was the prevalent currency policy more than a century ago.

There are very few countries with a pure floating exchange rate regime. Most countries either fix their exchange rates or manage them quite actively. The reason is that, if left to market forces, currency values can change rapidly and create problems. A depreciating currency leads to high inflation as the prices of imported products increase. A fluctuating exchange rate hampers international trade because exporting firms cannot predict what will be their revenue when expressed in local currency. They sell their products in a foreign currency and are interested in its local currency value. For these reasons, governments try to limit the changes in currency values or at least to prevent large changes.

Currency crises

A currency crisis, also called a devaluation crisis or an international financial crisis, is a sharp depreciation of the currency of a country. The depreciation usually comes after a period during which the exchange rate has been very stable, even fixed. For example, in 1994, one dollar could buy about 3 Mexican peso and by the end of 1995 one dollar bought more than 6 peso. The value of the peso declined in half. That is a currency crisis. Another example is the devaluation of the Indonesian rupiah in 1997/98. The value of the rupiah relative to the dollar declined three times.

The inflation produced by the devaluation creates uncertainty and often leads to political unrest as people cannot afford food and other items. Because of that uncertainty, many businesses scale down their investments and their production and the economy slows down. In addition, in a typical emerging market economy, many of the businesses have debt denominated in dollars. When the local currency depreciates, these debts become very expensive to service. The firms collect revenue from sales in local currency but they have to service debt in the much more expensive foreign currency. Some businesses don't make it and close down.

Eventually, the positive effect of the devaluation kicks in. The products made for export are now much cheaper on the international markets because the domestic currency is cheaper. That makes them more competitive. Exports increase and the economy recovers. So, even the worst of crises have an end.

There are three main theories that explain currency crises. They are called the first, second, and third generation models of currency crises due to the timing of their development.

- The first generation model was developed in the late 1970’s and attributes crises to fundamental policy problems. The government runs budget deficits and prints money to finance them. That leads to high inflation and lower competitiveness of the exporters. A large trade deficit emerges. Eventually the currency has to depreciate to restore international competitiveness.

- The second generation model came into being during the 80’s. In that model, the fundamentals of the economy are relatively fine but a speculative attack may trigger a crisis. Speculators start selling a currency to take their investments out of the country. To stop them, the central bank raises interest rates in an effort to make domestic investments more attractive. However, the high interest rates hurt consumers and businesses that have taken credit. Eventually, the government lowers the interest rates to help them but the currency depreciates.

- The third generation model was developed in response to the Asian financial crisis of 1997. Here too the fundamental of the economy are fine but the country cannot pay its international debts. It has to borrow new money to pay back its old debts. If, however, investors are not willing to lend new money, then the country experiences a “liquidity crisis” and the currency depreciates.

Each of these models can explain different crises. However, it is very difficult to put the correct diagnosis on an unfolding crisis: is it a first, second or third generation type or a mix? Too many things are happening very fast: the currency is plummeting, the government is in disarray, prices are increasing rapidly, the economy is contracting. There is much disagreement about the appropriate response to the crisis. In a few years, then the dust settles down, one can better assess what exactly happened.

Additional resources

Information about the European Monetary Union with a lot of historic information, analyses and data. Available from: European Central Bank

The International Monetary Fund, a wealth of information about all member countries and about international financial markets. Available from: IMF
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