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US Dollar (USD) Exchange Rates on 02nd October 2022 (02/10/2022)

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Exchange rates for US Dollar (USD)

Updated: 2022-10-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD GBP GBP 0.8969 USD to GBP 1.115 GBP to USD
USD USD BGN BGN 1.9962 USD to BGN 0.501 BGN to USD
USD USD HRK HRK 7.6737 USD to HRK 0.1303 HRK to USD
USD USD CZK CZK 25.0829 USD to CZK 0.0399 CZK to USD
USD USD DKK DKK 7.5877 USD to DKK 0.1318 DKK to USD
USD USD HUF HUF 431.5739 USD to HUF 0.0023 HUF to USD
USD USD KZT KZT 476.391 USD to KZT 0.0021 KZT to USD
USD USD LVL LVL 0.6049 USD to LVL 1.6532 LVL to USD
USD USD MKD MKD 63.1366 USD to MKD 0.0158 MKD to USD
USD USD MDL MDL 19.5097 USD to MDL 0.0513 MDL to USD
USD USD NOK NOK 10.8861 USD to NOK 0.0919 NOK to USD
USD USD PLN PLN 4.9517 USD to PLN 0.2019 PLN to USD
USD USD RON RON 5.0531 USD to RON 0.1979 RON to USD
USD USD RUB RUB 60.2037 USD to RUB 0.0166 RUB to USD
USD USD SEK SEK 11.083 USD to SEK 0.0902 SEK to USD
USD USD CHF CHF 0.9887 USD to CHF 1.0114 CHF to USD
USD USD TRY TRY 18.502 USD to TRY 0.054 TRY to USD
USD USD UAH UAH 36.9503 USD to UAH 0.0271 UAH to USD
Updated: 2022-10-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD ARS ARS 147.3012 USD to ARS 0.0068 ARS to USD
USD USD BOB BOB 6.913 USD to BOB 0.1447 BOB to USD
USD USD BRL BRL 5.4125 USD to BRL 0.1848 BRL to USD
USD USD CAD CAD 1.3833 USD to CAD 0.7229 CAD to USD
USD USD KYD KYD 0.8338 USD to KYD 1.1993 KYD to USD
USD USD CLP CLP 968.0089 USD to CLP 0.001 CLP to USD
USD USD COP COP 4610.0085 USD to COP 0.0002 COP to USD
USD USD CRC CRC 627.7422 USD to CRC 0.0016 CRC to USD
USD USD DOP DOP 53.6039 USD to DOP 0.0187 DOP to USD
USD USD SVC SVC 8.7551 USD to SVC 0.1142 SVC to USD
USD USD FJD FJD 2.3101 USD to FJD 0.4329 FJD to USD
USD USD HNL HNL 24.7604 USD to HNL 0.0404 HNL to USD
USD USD JMD JMD 152.1469 USD to JMD 0.0066 JMD to USD
USD USD MXN MXN 20.1462 USD to MXN 0.0496 MXN to USD
USD USD ANG ANG 1.8032 USD to ANG 0.5546 ANG to USD
USD USD PYG PYG 7072.6199 USD to PYG 0.0001 PYG to USD
USD USD PEN PEN 3.9815 USD to PEN 0.2512 PEN to USD
USD USD TTD TTD 6.7974 USD to TTD 0.1471 TTD to USD
USD USD UYU UYU 41.3682 USD to UYU 0.0242 UYU to USD
USD USD VEF VEF 218475932402 USD to VEF 0 VEF to USD
Updated: 2022-10-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD AUD AUD 1.5615 USD to AUD 0.6404 AUD to USD
USD USD BDT BDT 101.3496 USD to BDT 0.0099 BDT to USD
USD USD BND BND 1.4361 USD to BND 0.6963 BND to USD
USD USD CNY CNY 7.116 USD to CNY 0.1405 CNY to USD
USD USD INR INR 81.6383 USD to INR 0.0122 INR to USD
USD USD IDR IDR 15303.6686 USD to IDR 0.0001 IDR to USD
USD USD JPY JPY 144.739 USD to JPY 0.0069 JPY to USD
USD USD MYR MYR 4.637 USD to MYR 0.2157 MYR to USD
USD USD MVR MVR 15.4504 USD to MVR 0.0647 MVR to USD
USD USD NPR NPR 130.3685 USD to NPR 0.0077 NPR to USD
USD USD NZD NZD 1.7894 USD to NZD 0.5588 NZD to USD
USD USD PKR PKR 228.1047 USD to PKR 0.0044 PKR to USD
USD USD PGK PGK 3.5204 USD to PGK 0.2841 PGK to USD
USD USD PHP PHP 58.8015 USD to PHP 0.017 PHP to USD
USD USD SCR SCR 13.0556 USD to SCR 0.0766 SCR to USD
USD USD SGD SGD 1.432 USD to SGD 0.6983 SGD to USD
USD USD KRW KRW 1440.2274 USD to KRW 0.0007 KRW to USD
USD USD LKR LKR 365.6614 USD to LKR 0.0027 LKR to USD
USD USD TWD TWD 31.8176 USD to TWD 0.0314 TWD to USD
USD USD THB THB 37.8031 USD to THB 0.0265 THB to USD
Updated: 2022-10-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD BHD BHD 0.3773 USD to BHD 2.6506 BHD to USD
USD USD EGP EGP 19.5381 USD to EGP 0.0512 EGP to USD
USD USD HKD HKD 7.8498 USD to HKD 0.1274 HKD to USD
USD USD ILS ILS 3.5585 USD to ILS 0.281 ILS to USD
USD USD JOD JOD 0.709 USD to JOD 1.4104 JOD to USD
USD USD KWD KWD 0.31 USD to KWD 3.2262 KWD to USD
USD USD LBP LBP 1516.9429 USD to LBP 0.0007 LBP to USD
USD USD OMR OMR 0.385 USD to OMR 2.5976 OMR to USD
USD USD QAR QAR 3.641 USD to QAR 0.2746 QAR to USD
USD USD SAR SAR 3.7568 USD to SAR 0.2662 SAR to USD
USD USD AED AED 3.673 USD to AED 0.2723 AED to USD
USD USD YER YER 250.2504 USD to YER 0.004 YER to USD
Updated: 2022-10-02
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USD USD DZD DZD 140.8239 USD to DZD 0.0071 DZD to USD
USD USD KES KES 120.8501 USD to KES 0.0083 KES to USD
USD USD MUR MUR 45.7463 USD to MUR 0.0219 MUR to USD
USD USD MAD MAD 10.953 USD to MAD 0.0913 MAD to USD
USD USD NAD NAD 18.0804 USD to NAD 0.0553 NAD to USD
USD USD NIO NIO 36.0004 USD to NIO 0.0278 NIO to USD
USD USD NGN NGN 432.3706 USD to NGN 0.0023 NGN to USD
USD USD SLL SLL 15495.0428 USD to SLL 0.0001 SLL to USD
USD USD ZAR ZAR 18.0911 USD to ZAR 0.0553 ZAR to USD
USD USD TZS TZS 2329.9976 USD to TZS 0.0004 TZS to USD
USD USD TND TND 3.269 USD to TND 0.3059 TND to USD
USD USD UGX UGX 3852.9284 USD to UGX 0.0003 UGX to USD
USD USD XOF XOF 582.0008 USD to XOF 0.0017 XOF to USD
USD USD ZMK ZMK 9001.2107 USD to ZMK 0.0001 ZMK to USD

United States Dollar (USD)

Sign $
1 US dollar is subdivided into 10 dimes, 100 cents or 1000 mills.

USD is the currency code for the United States dollar (USD), it is synonymous with US$, both of which are represented in accounting with the $ symbol. The USD is the the worlds largest reserve currency, the most used currency in currency pair trades, and the primary currency used in the United States of America and its territories. It is also the currency for the Turks and Caicos Islands as well as the British Virgin Islands, both of which are overseas territories of the United Kingdom.

Coins used:
- frequently used: 1¢, 5¢, 10¢, 25¢
- rarely used: 50¢, $1

Banknotes used:
- frequently used: $1, $5, $10, $20, $50, $100
- rarely used: $2, $500, $1,000, $5,000, $10,000, $100,000

Central Bank
Federal Reserve System
In addition to being the World's largest reserve currency the USD is officially used by 14 countries as their primary currency. This includes such countries as Panama, Ecuador, El Salvador, Puerto Rico, Guam, U.S. Virgin Islands, and American Somoa. In addition to these countries that use the USD as their primary currency, 14 other countries use it as their unofficial currency, these countries include Cambodia, Lebanon, Palau, East Timor, The Bahamas, and the Marshall Islands. There are also 23 more countries, not yet included in either of these categories that have officially pegged their local currency to the USD, these currencies include the Belize dollar, Lebanese pound, Saudi riyal, Jordanian dinar, United Arab Emirates dirham, and the East Caribbean dollar just to name a few.

The current circulation of the USD is just over 800 billion, a number just below the circulation of the euro which is currently 816 billion. The currency unit for the issuance of the dollar is set on 1/1000 increments in spite of the lowest denomination in issuance being the penny, valued at 1/100 of a dollar. This 1/1000 or measure in mills, is an internal unit of calculation and why many taxes, fees, and even some retail prices, depending upon these taxes and fees, are priced with to the third decimal place. The most common example is the price of automobile gasoline in the United States which is openly available and purchased daily by most Americans at a price listed to the thousandth of the dollar, for example a price $3.56 9/10 or $3.599.

The value of the USD was originally tied directly to the Spanish milled dollar when the United States Congress enacted the Coinage Act of 1982. Over time the USD evolved through many standards of value to its current state as a floating fiat currency. This evolution has occurred while its overall purchasing power has declined by more than 96.3% from 1774 through 2010. In other words, the equivalent basket of goods that $1 could purchase in 1774 would currently cost $33.34 in 2010 USD. This devaluation of the dollar is also referred to as price inflation which is measured by the United States Bureau of Labor Statistics and is known as the United States Consumer Price Index (CPI).

While initially anchored to the value of metals such as gold and silver, the untying of the USD to these "high powered money" standards began with the introduction of the United States Federal Reserve in 1913. The stated intent of the Federal Reserve at the time was to allow for currency elasticity through the ability to substantially impact the quantity of money within a short period of time. This effectively removed the USD from what was known as the gold standard and the Federal Reserve allowed for inflation as a way to hold together the economy during World War I, stabilized the dollar through the 1920's and in fact brought about deflation in the 1930's.

Toward the end of World War II with its sever price instability and seeing the need for stable currencies and the economic interconnectedness of nation states the Bretton Woods system was put into place. This put the USD back onto a strict interpretation of the gold standard and this was also one of the first instances in history where nation states fully negotiated and then voluntarily subjected themselves to an agreed upon collaboration between their currencies and their sovereign monetary policies. The euro and eurozone being a more recent example of this same type of collaboration, but through different means. Where Bretton Woods tied all sovereign member state's currencies to gold, the eurozone eliminated sovereign currencies replacing each nation's previous currency with the euro. This may have been a safeguard to ensure the long term adherence to the new currency and agreements, with all participants knowing that the Bretton Woods system disintegrated when member states unilaterally withdrew from the agreements of that time without repercussion. Knowing that sovereign subjection to a collaborative monetary policy does not always serve the economic or political interest of each state equally, the adoption of the euro assures that withdrawal from the system by each member is more difficult, having already exchanged their currency for the currency within the group system.

The withdrawal from Bretton Woods in 1971 under United states President Nixon effectively removed the USD from the gold standard, leaving it as a wholly fiat and floating currency tied to nothing more than the faith and credit of the United States. This withdrawal from Bretton Woods was instigated by the rise in government spending, lack of available gold supply to sustain Bretton Woods compliant convertibility, unforeseen economic growth, and the resultant devaluation of the dollar. The gold standard was limiting economic growth simply due to a lack of supply of gold. This lack finite supply increases the price, resulting in an economic cap, whereas a floating fiat currency allows for unlimited growth for as long and as much as the world is willing to accept the faith and credit of the nation backing the currency, in this case the United States government.

Once the USD was removed from the gold standard there was a time of severe challenges to central bank monetary policy. The dollar initially took a steep decline as markets adjusted to the new fiat status of the currency and in response to this decline the Federal Reserve resorted to increasing the money supply, mistakenly following the Phillips curve theory which correlated an increased money supply with growth. This increased money supply, along with other misguided policies of the time, led to high inflation and other serious economic consequences. This was stopped when Paul Volcker became Chairman of the Federal Reserve, the Phillips curve policies were abandoned, and a focus on price stability was instituted. This among many other economic and political changes stabilized the USD throughout the 1980's.

The important facts of note with regard to the USD is that its current state as a floating fiat currency, having only been in existence for 40 years, is still being examined and studied as to its long term viability and impact on the economy of the United States and the world. It was only a few decades before that Bretton Woods was established to stabilize and tie the currency down having been significantly altered just a few decades before with the introduction of the Federal Reserve. Understanding the dynamic changes that can occur within a single generation is critical to understanding the currency itself as it stands now and as it will evolve into the future.

Other References
Wikipedia article on US Dollar

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