Dollar Exchange Rate
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Several countries have their official currency in dollars. The dollar is a benchmark currency due to its wide-spread use and circulation. The popularity of the dollar has paved the way for its large scale use in the foreign exchange (forex) market.
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Currency Dollars: US
The US dollar (US$ or USD) is the world’s most important currency, comprising 60% of the world’s foreign exchange reserves. The USD is used as the standard currency unit for commodities, such as oil and gold, across the world. This currency was floated freely on the forex market in 1971. The USD depreciated due to recession in 2007-2009. However, it has improved in early 2009, when it appreciated to 0.718442 Euro from 0.684791 Euro (in 2008).
Currency Dollars: Singapore
The Singapore dollar was first issued in 1965 after the breakdown of the monetary union of Brunei and Malaysia. The currency is managed by the Monetary Authority of Singapore (MAS). The Singapore dollar has floated in the range of SGD1.63 to SGD1.83 per USD since 2000. In 2009, it weakened to 1.5 SGD/USD.
Currency Dollars: Australia
With the Australian dollar (A$) constituting 5% of the world’s forex transactions, it is the world’s sixth most heavily traded currency which was pegged against the US dollar until 1971 and was freely floated in 1983. The Australian dollar is popular becauseof its high interest rates, restriction-free trade and relative stability of the government. In March 2009, A$1 was equal to US$0.6785.
Currency Dollars: New Zealand
The New Zealand dollar (NZD) is monitored by the Reserve Bank of New Zealand. It is among the 12 most-traded currencies in the world, and touched a record high of US$0.7932 in 2007. However, due to weak interest rates, it depreciated to US$0.5 in early 2009.
Currency Dollars: Canada
The Canadian dollar became the seventh-most traded currency in the world in 2007. It is an important benchmark currency due to its low rate of inflation. Both Canada and the US have close trade relations, due to which the US economy has a direct impact on the value of the Canadian dollar. As oil constitutes about 50% of Canada’s exports, its prices impact the Canadian dollar. The currency reached a record high of US$1.1024 in early Nov-2007, after which it depreciated through 2008 to hover around US$0.80.
