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US Dollar (USD) Exchange Rates on 17th May 2024 (17/05/2024)

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Exchange rates for US Dollar (USD)

					Updated: 2024-05-17
Convert from	Convert to	1 USD	Conversion	in currency	Conversion
USD	GBP	0.7879	USD to GBP	1.2692	GBP to USD
USD	BGN	1.7966	USD to BGN	0.5566	BGN to USD
USD	HRK	6.98	USD to HRK	0.1433	HRK to USD
USD	CZK	22.7096	USD to CZK	0.044	CZK to USD
USD	DKK	6.8526	USD to DKK	0.1459	DKK to USD
USD	EEK	0	USD to EEK	0	EEK to USD
USD	HUF	354.3403	USD to HUF	0.0028	HUF to USD
USD	KZT	439.1894	USD to KZT	0.0023	KZT to USD
USD	LVL	0.6049	USD to LVL	1.6532	LVL to USD
USD	LTL	0	USD to LTL	0	LTL to USD
USD	MKD	56.5312	USD to MKD	0.0177	MKD to USD
USD	MDL	17.568	USD to MDL	0.0569	MDL to USD
USD	NOK	10.6575	USD to NOK	0.0938	NOK to USD
USD	PLN	3.9142	USD to PLN	0.2555	PLN to USD
USD	RON	4.5689	USD to RON	0.2189	RON to USD
USD	RUB	90.7495	USD to RUB	0.011	RUB to USD
USD	SKK	0	USD to SKK	0	SKK to USD
USD	SEK	10.6452	USD to SEK	0.0939	SEK to USD
USD	CHF	0.9003	USD to CHF	1.1107	CHF to USD
USD	TRY	32.2175	USD to TRY	0.031	TRY to USD
USD	UAH	39.3359	USD to UAH	0.0254	UAH to USD

					Updated: 2024-05-17
Convert from	Convert to	1 USD	Conversion	in currency	Conversion
USD	ARS	885.7414	USD to ARS	0.0011	ARS to USD
USD	BOB	6.8664	USD to BOB	0.1456	BOB to USD
USD	BRL	5.1348	USD to BRL	0.1947	BRL to USD
USD	CAD	1.3602	USD to CAD	0.7352	CAD to USD
USD	KYD	0.8281	USD to KYD	1.2076	KYD to USD
USD	CLP	905.2898	USD to CLP	0.0011	CLP to USD
USD	COP	3824.0573	USD to COP	0.0003	COP to USD
USD	CRC	509.1106	USD to CRC	0.002	CRC to USD
USD	DOP	58.0346	USD to DOP	0.0172	DOP to USD
USD	SVC	8.6949	USD to SVC	0.115	SVC to USD
USD	FJD	2.2282	USD to FJD	0.4488	FJD to USD
USD	HNL	24.5603	USD to HNL	0.0407	HNL to USD
USD	JMD	154.917	USD to JMD	0.0065	JMD to USD
USD	MXN	16.6929	USD to MXN	0.0599	MXN to USD
USD	ANG	1.7909	USD to ANG	0.5584	ANG to USD
USD	PYG	7456.6057	USD to PYG	0.0001	PYG to USD
USD	PEN	3.6968	USD to PEN	0.2705	PEN to USD
USD	TTD	6.7443	USD to TTD	0.1483	TTD to USD
USD	USD	1	USD to USD	1	USD to USD
USD	UYU	38.2974	USD to UYU	0.0261	UYU to USD
USD	VEF	3622383.5968	USD to VEF	0	VEF to USD

					Updated: 2024-05-17
Convert from	Convert to	1 USD	Conversion	in currency	Conversion
USD	AUD	1.4945	USD to AUD	0.6691	AUD to USD
USD	BDT	116.361	USD to BDT	0.0086	BDT to USD
USD	BND	1.3408	USD to BND	0.7458	BND to USD
USD	CNY	7.2148	USD to CNY	0.1386	CNY to USD
USD	INR	83.4635	USD to INR	0.012	INR to USD
USD	IDR	15940.349	USD to IDR	0.0001	IDR to USD
USD	JPY	153.9542	USD to JPY	0.0065	JPY to USD
USD	MYR	4.682	USD to MYR	0.2136	MYR to USD
USD	MVR	15.4499	USD to MVR	0.0647	MVR to USD
USD	NPR	132.4303	USD to NPR	0.0076	NPR to USD
USD	NZD	1.6319	USD to NZD	0.6128	NZD to USD
USD	PKR	276.4881	USD to PKR	0.0036	PKR to USD
USD	PGK	3.8573	USD to PGK	0.2592	PGK to USD
USD	PHP	57.3345	USD to PHP	0.0174	PHP to USD
USD	SCR	13.683	USD to SCR	0.0731	SCR to USD
USD	SGD	1.3426	USD to SGD	0.7448	SGD to USD
USD	KRW	1346.3737	USD to KRW	0.0007	KRW to USD
USD	LKR	299.9897	USD to LKR	0.0033	LKR to USD
USD	TWD	32.0503	USD to TWD	0.0312	TWD to USD
USD	THB	36.178	USD to THB	0.0276	THB to USD

					Updated: 2024-05-17
Convert from	Convert to	1 USD	Conversion	in currency	Conversion
USD	BHD	0.377	USD to BHD	2.6527	BHD to USD
USD	EGP	46.8289	USD to EGP	0.0214	EGP to USD
USD	HKD	7.8044	USD to HKD	0.1281	HKD to USD
USD	ILS	3.6724	USD to ILS	0.2723	ILS to USD
USD	JOD	0.7089	USD to JOD	1.4106	JOD to USD
USD	KWD	0.3072	USD to KWD	3.2552	KWD to USD
USD	LBP	88982.1616	USD to LBP	0	LBP to USD
USD	OMR	0.3849	USD to OMR	2.5981	OMR to USD
USD	QAR	3.642	USD to QAR	0.2746	QAR to USD
USD	SAR	3.7504	USD to SAR	0.2666	SAR to USD
USD	AED	3.673	USD to AED	0.2723	AED to USD
USD	YER	249.8502	USD to YER	0.004	YER to USD

					Updated: 2024-05-17
Convert from	Convert to	1 USD	Conversion	in currency	Conversion
USD	DZD	134.4033	USD to DZD	0.0074	DZD to USD
USD	KES	129.6696	USD to KES	0.0077	KES to USD
USD	MUR	45.9504	USD to MUR	0.0218	MUR to USD
USD	MAD	9.9291	USD to MAD	0.1007	MAD to USD
USD	NAD	18.2597	USD to NAD	0.0548	NAD to USD
USD	NIO	36.5828	USD to NIO	0.0273	NIO to USD
USD	NGN	1516.9856	USD to NGN	0.0007	NGN to USD
USD	SLL	20969.5101	USD to SLL	0	SLL to USD
USD	ZAR	18.2861	USD to ZAR	0.0547	ZAR to USD
USD	TZS	2589.9984	USD to TZS	0.0004	TZS to USD
USD	TND	3.1241	USD to TND	0.3201	TND to USD
USD	UGX	3740.6924	USD to UGX	0.0003	UGX to USD
USD	XOF	602.143	USD to XOF	0.0017	XOF to USD
USD	ZMK	9001.1995	USD to ZMK	0.0001	ZMK to USD

United States Dollar (USD)
1 United States Dollar

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
http://www.federalreserve.gov/
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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