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Currencies Exchange Rates Today is the rate at which one currency will be exchanged for another currency. Most exchange rates are defined as floating and will rise or fall based on supply and demand in the market. Some exchange rates are tied or fixed to the value of a specific country’s currency.
US DOLLAR Currencies EXCHANGE RATES Today TABLE
Top 10 May 24, 2023
US Dollar | 1.00 USD | inv. 1.00 USD |
Euro | 0.927605 | 1.078045 |
British Pound | 0.804444 | 1.243094 |
Indian Rupee | 82.706935 | 0.012091 |
Australian Dollar | 1.514646 | 0.660220 |
Canadian Dollar | 1.350157 | 0.740655 |
Singapore Dollar | 1.346419 | 0.742711 |
Swiss Franc | 0.900948 | 1.109942 |
Malaysian Ringgit | 4.583688 | 0.218165 |
Japanese Yen | 138.424528 | 0.007224 |
Chinese Yuan Renminbi | 7.053141 | 0.141781 |
US Dollar▲ | 1.00 USD▲▼ | inv. 1.00 USD▲▼ |
Argentine Peso | 234.897644 | 0.004257 |
Australian Dollar | 1.514646 | 0.660220 |
Bahraini Dinar | 0.376000 | 2.659574 |
Botswana Pula | 13.608557 | 0.073483 |
Brazilian Real | 4.972726 | 0.201097 |
British Pound | 0.804444 | 1.243094 |
Bruneian Dollar | 1.346419 | 0.742711 |
Bulgarian Lev | 1.814238 | 0.551196 |
Canadian Dollar | 1.350157 | 0.740655 |
Chilean Peso | 800.899827 | 0.001249 |
Chinese Yuan Renminbi | 7.053141 | 0.141781 |
Colombian Peso | 4468.916043 | 0.000224 |
Czech Koruna | 21.989135 | 0.045477 |
Danish Krone | 6.909507 | 0.144728 |
Emirati Dirham | 3.672500 | 0.272294 |
Euro | 0.927605 | 1.078045 |
Hong Kong Dollar | 7.836482 | 0.127608 |
Hungarian Forint | 347.894132 | 0.002874 |
Icelandic Krona | 140.730648 | 0.007106 |
Indian Rupee | 82.706935 | 0.012091 |
Indonesian Rupiah | 14883.040869 | 0.000067 |
Iranian Rial | 42245.613240 | 0.000024 |
Israeli Shekel | 3.698629 | 0.270370 |
Japanese Yen | 138.424528 | 0.007224 |
Kazakhstani Tenge | 443.859405 | 0.002253 |
Kuwaiti Dinar | 0.307241 | 3.254771 |
Libyan Dinar | 4.803710 | 0.208172 |
Malaysian Ringgit | 4.583688 | 0.218165 |
Mauritian Rupee | 45.471807 | 0.021992 |
Mexican Peso | 17.967901 | 0.055655 |
Nepalese Rupee | 132.393127 | 0.007553 |
New Zealand Dollar | 1.620343 | 0.617153 |
Norwegian Krone | 10.952935 | 0.091300 |
Omani Rial | 0.385001 | 2.597393 |
Pakistani Rupee | 287.151256 | 0.003482 |
Philippine Peso | 55.748121 | 0.017938 |
Polish Zloty | 4.159082 | 0.240438 |
Qatari Riyal | 3.640000 | 0.274725 |
Romanian New Leu | 4.614932 | 0.216688 |
Russian Ruble | 80.209500 | 0.012467 |
Saudi Arabian Riyal | 3.750000 | 0.266667 |
Singapore Dollar | 1.346419 | 0.742711 |
South African Rand | 19.196429 | 0.052093 |
South Korean Won | 1316.560217 | 0.000760 |
Sri Lankan Rupee | 304.248412 | 0.003287 |
Swedish Krona | 10.616149 | 0.094196 |
Swiss Franc | 0.900948 | 1.109942 |
Taiwan New Dollar | 30.783104 | 0.032485 |
Thai Baht | 34.490411 | 0.028994 |
Trinidadian Dollar | 6.784279 | 0.147400 |
Turkish Lira | 19.874175 | 0.050317 |
Venezuelan Bolivar | 2596949.123018 | 0.000000 |
May 24, 2023 04:37 UTC
Understand currencies exchange rates
- Economic activity, market interest rates, gross domestic product, and the unemployment rate in each country commonly determine the exchange rate between two currencies.
- Commonly called market exchange rates, they are established in the global financial market, where banks and other financial institutions trade currencies 24 hours a day based on these factors.
- Rate changes can occur hourly or daily with minor modifications or significant incremental changes.
What are the four currencies’ exchange rates?
There are four main types of exchange rate regimes: free float, fixed, pegged (also known as an adjustable peg, sliding peg, basket peg, or target zone or bands), and managed float.
How exchange rates fluctuate
- Exchange rates can be floating or fixed. A floating exchange rate rises and falls due to changes in the currency market. A fixed exchange rate is linked to the value of another currency. The Hong Kong dollar is pegged to the US dollar in a range of 7.75 to 7.85.
- This means that the value of the Hong Kong dollar against the US dollar will remain within this range.
- Exchange rates have the current market value, spot, or cash value. Alternatively, an exchange rate may have a forward value based on expectations that the currency will rise or fall against its spot price.
- Forward rate values can fluctuate due to changes in expectations of future interest rates in one country versus another. For example, suppose traders speculate that the Eurozone will ease monetary policy against the US. In that case, they may buy the dollar against the euro, resulting in a downward trend in its value.
How do exchange rates affect the supply and demand for goods?
Changes in exchange rates affect business by changing the cost of supplies purchased in a different country and changing the demand for their products from customers abroad.
Why should you buy your currency online?
Although you can buy foreign currency in various places, such as the nearest bank, the local currency provider, or even the airports, it may cost you more due to the inherent fixed costs associated with these currency exchange avenues.
On the other hand, if you buy or sell forex online through a trusted source like BookMyForex, it not only saves you money but also gives you the benefit of executing your transaction from the comfort of your home. Also, you can check the live currency exchange rate online and lock your transaction at a particular exchange rate.
Which currency is higher?
The Kuwaiti dinar remains the highest currency in the world due to Kuwait’s economic stability. The country’s economy depends mainly on oil exports because it has one of the largest reserves in the world.
Conclusion
An exchange rate is at which one currency will be exchanged for another. While most exchange rates are floating and will rise or fall based on supply and demand in the market, some exchange rates are tied or fixed to the value of a specific country’s currency. Therefore, exchange rate changes affect companies, the cost of supplies, and the demand for their products in the international market.