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US Dollar (USD) Exchange Rates on 02nd June 2023 (02/06/2023)

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Exchange rates for US Dollar (USD)

Updated: 2023-06-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD GBP GBP 0.7976 USD to GBP 1.2538 GBP to USD
USD USD BGN BGN 1.8168 USD to BGN 0.5504 BGN to USD
USD USD HRK HRK 6.9443 USD to HRK 0.144 HRK to USD
USD USD CZK CZK 21.9865 USD to CZK 0.0455 CZK to USD
USD USD DKK DKK 6.9166 USD to DKK 0.1446 DKK to USD
USD USD HUF HUF 344.78 USD to HUF 0.0029 HUF to USD
USD USD KZT KZT 446.5441 USD to KZT 0.0022 KZT to USD
USD USD LVL LVL 0.6049 USD to LVL 1.6532 LVL to USD
USD USD MKD MKD 57.2572 USD to MKD 0.0175 MKD to USD
USD USD MDL MDL 17.6645 USD to MDL 0.0566 MDL to USD
USD USD NOK NOK 11.0253 USD to NOK 0.0907 NOK to USD
USD USD PLN PLN 4.1916 USD to PLN 0.2386 PLN to USD
USD USD RON RON 4.6119 USD to RON 0.2168 RON to USD
USD USD RUB RUB 80.7098 USD to RUB 0.0124 RUB to USD
USD USD SEK SEK 10.7869 USD to SEK 0.0927 SEK to USD
USD USD CHF CHF 0.9044 USD to CHF 1.1057 CHF to USD
USD USD TRY TRY 20.9103 USD to TRY 0.0478 TRY to USD
USD USD UAH UAH 36.7505 USD to UAH 0.0272 UAH to USD
Updated: 2023-06-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD ARS ARS 240.1933 USD to ARS 0.0042 ARS to USD
USD USD BOB BOB 6.8762 USD to BOB 0.1454 BOB to USD
USD USD BRL BRL 5.0146 USD to BRL 0.1994 BRL to USD
USD USD CAD CAD 1.343 USD to CAD 0.7446 CAD to USD
USD USD KYD KYD 0.8292 USD to KYD 1.2059 KYD to USD
USD USD CLP CLP 804.699 USD to CLP 0.0012 CLP to USD
USD USD COP COP 4391.0021 USD to COP 0.0002 COP to USD
USD USD CRC CRC 536.8033 USD to CRC 0.0019 CRC to USD
USD USD DOP DOP 54.3773 USD to DOP 0.0184 DOP to USD
USD USD SVC SVC 8.7068 USD to SVC 0.1149 SVC to USD
USD USD FJD FJD 2.2362 USD to FJD 0.4472 FJD to USD
USD USD HNL HNL 24.4633 USD to HNL 0.0409 HNL to USD
USD USD JMD JMD 153.8245 USD to JMD 0.0065 JMD to USD
USD USD MXN MXN 17.5351 USD to MXN 0.057 MXN to USD
USD USD ANG ANG 1.7933 USD to ANG 0.5576 ANG to USD
USD USD PYG PYG 7237.1727 USD to PYG 0.0001 PYG to USD
USD USD PEN PEN 3.6554 USD to PEN 0.2736 PEN to USD
USD USD TTD TTD 6.735 USD to TTD 0.1485 TTD to USD
USD USD UYU UYU 38.5618 USD to UYU 0.0259 UYU to USD
USD USD VEF VEF 2618224.4033 USD to VEF 0 VEF to USD
Updated: 2023-06-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD AUD AUD 1.5117 USD to AUD 0.6615 AUD to USD
USD USD BDT BDT 106.7463 USD to BDT 0.0094 BDT to USD
USD USD BND BND 1.3448 USD to BND 0.7436 BND to USD
USD USD CNY CNY 7.0733 USD to CNY 0.1414 CNY to USD
USD USD INR INR 82.3271 USD to INR 0.0121 INR to USD
USD USD IDR IDR 14857.9711 USD to IDR 0.0001 IDR to USD
USD USD JPY JPY 138.7362 USD to JPY 0.0072 JPY to USD
USD USD MYR MYR 4.591 USD to MYR 0.2178 MYR to USD
USD USD MVR MVR 15.3027 USD to MVR 0.0653 MVR to USD
USD USD NPR NPR 131.2406 USD to NPR 0.0076 NPR to USD
USD USD NZD NZD 1.6381 USD to NZD 0.6105 NZD to USD
USD USD PKR PKR 283.8896 USD to PKR 0.0035 PKR to USD
USD USD PGK PGK 3.5765 USD to PGK 0.2796 PGK to USD
USD USD PHP PHP 55.9115 USD to PHP 0.0179 PHP to USD
USD USD SCR SCR 13.2965 USD to SCR 0.0752 SCR to USD
USD USD SGD SGD 1.3447 USD to SGD 0.7436 SGD to USD
USD USD KRW KRW 1306.5766 USD to KRW 0.0008 KRW to USD
USD USD LKR LKR 293.5582 USD to LKR 0.0034 LKR to USD
USD USD TWD TWD 30.6468 USD to TWD 0.0326 TWD to USD
USD USD THB THB 34.591 USD to THB 0.0289 THB to USD
Updated: 2023-06-02
Convert from Convert to 1 USD Conversion in currency Conversion
USD USD BHD BHD 0.377 USD to BHD 2.6525 BHD to USD
USD USD EGP EGP 30.9024 USD to EGP 0.0324 EGP to USD
USD USD HKD HKD 7.8316 USD to HKD 0.1277 HKD to USD
USD USD ILS ILS 3.7451 USD to ILS 0.267 ILS to USD
USD USD JOD JOD 0.7093 USD to JOD 1.4098 JOD to USD
USD USD KWD KWD 0.3075 USD to KWD 3.2518 KWD to USD
USD USD LBP LBP 14936.0565 USD to LBP 0.0001 LBP to USD
USD USD OMR OMR 0.385 USD to OMR 2.5974 OMR to USD
USD USD QAR QAR 3.641 USD to QAR 0.2746 QAR to USD
USD USD SAR SAR 3.7501 USD to SAR 0.2667 SAR to USD
USD USD AED AED 3.6731 USD to AED 0.2722 AED to USD
USD USD YER YER 250.3501 USD to YER 0.004 YER to USD
Updated: 2023-06-02
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USD USD DZD DZD 136.4953 USD to DZD 0.0073 DZD to USD
USD USD KES KES 138.6502 USD to KES 0.0072 KES to USD
USD USD MUR MUR 46.0495 USD to MUR 0.0217 MUR to USD
USD USD MAD MAD 10.1236 USD to MAD 0.0988 MAD to USD
USD USD NAD NAD 19.7201 USD to NAD 0.0507 NAD to USD
USD USD NIO NIO 36.3968 USD to NIO 0.0275 NIO to USD
USD USD NGN NGN 461.2501 USD to NGN 0.0022 NGN to USD
USD USD SLL SLL 19749.96 USD to SLL 0.0001 SLL to USD
USD USD ZAR ZAR 19.6017 USD to ZAR 0.051 ZAR to USD
USD USD TZS TZS 2364.9986 USD to TZS 0.0004 TZS to USD
USD USD TND TND 3.0908 USD to TND 0.3235 TND to USD
USD USD UGX UGX 3732.6664 USD to UGX 0.0003 UGX to USD
USD USD XOF XOF 609.4838 USD to XOF 0.0016 XOF to USD
USD USD ZMK ZMK 9001.1848 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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