US Dollar (USD) Exchange Rates on 22nd October 2014 (22/10/2014)

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Exchange rates for US Dollar (USD)

Updated: 2014-10-22
Convert from Convert to 1 USD Conversion in currency Conversion
USD GBP 0.6167 USD to GBP 1.6216 GBP to USD
USD BGN 1.5179 USD to BGN 0.6588 BGN to USD
USD HRK 5.8989 USD to HRK 0.1695 HRK to USD
USD CZK 21.3625 USD to CZK 0.0468 CZK to USD
USD DKK 5.7604 USD to DKK 0.1736 DKK to USD
USD EEK 0 USD to EEK 0 EEK to USD
USD HUF 243.16 USD to HUF 0.0041 HUF to USD
USD KZT 182.0048 USD to KZT 0.0055 KZT to USD
USD LVL 0.5437 USD to LVL 1.8393 LVL to USD
USD LTL 2.6722 USD to LTL 0.3742 LTL to USD
USD MKD 47.5098 USD to MKD 0.021 MKD to USD
USD MDL 14.2998 USD to MDL 0.0699 MDL to USD
USD NOK 6.3812 USD to NOK 0.1567 NOK to USD
USD PLN 3.2482 USD to PLN 0.3079 PLN to USD
USD RON 3.4189 USD to RON 0.2925 RON to USD
USD RUB 37.556 USD to RUB 0.0266 RUB to USD
USD SKK 0 USD to SKK 0 SKK to USD
USD SEK 7.1311 USD to SEK 0.1402 SEK to USD
USD CHF 0.936 USD to CHF 1.0684 CHF to USD
USD TRY 2.2015 USD to TRY 0.4542 TRY to USD
USD UAH 12.98 USD to UAH 0.077 UAH to USD
Updated: 2014-10-22
Convert from Convert to 1 USD Conversion in currency Conversion
USD ARS 8.403 USD to ARS 0.119 ARS to USD
USD BOB 6.9096 USD to BOB 0.1447 BOB to USD
USD BRL 2.2892 USD to BRL 0.4368 BRL to USD
USD CAD 1.1051 USD to CAD 0.9049 CAD to USD
USD KYD 0.82 USD to KYD 1.2195 KYD to USD
USD CLP 589.1399 USD to CLP 0.0017 CLP to USD
USD COP 1975.4571 USD to COP 0.0005 COP to USD
USD CRC 541.899 USD to CRC 0.0018 CRC to USD
USD DOP 43.68 USD to DOP 0.0229 DOP to USD
USD SVC 8.747 USD to SVC 0.1143 SVC to USD
USD FJD 1.846 USD to FJD 0.5417 FJD to USD
USD HNL 21.1497 USD to HNL 0.0473 HNL to USD
USD JMD 112.5479 USD to JMD 0.0089 JMD to USD
USD MXN 13.2199 USD to MXN 0.0756 MXN to USD
USD ANG 1.79 USD to ANG 0.5587 ANG to USD
USD PYG 4294.1987 USD to PYG 0.0002 PYG to USD
USD PEN 2.855 USD to PEN 0.3503 PEN to USD
USD TTD 6.3481 USD to TTD 0.1575 TTD to USD
USD USD 1 USD to USD 1 USD to USD
USD UYU 24.2299 USD to UYU 0.0413 UYU to USD
USD VEF 6.2877 USD to VEF 0.159 VEF to USD
Updated: 2014-10-22
Convert from Convert to 1 USD Conversion in currency Conversion
USD AUD 1.0998 USD to AUD 0.9093 AUD to USD
USD BDT 77.4447 USD to BDT 0.0129 BDT to USD
USD BND 1.2631 USD to BND 0.7917 BND to USD
USD CNY 6.13 USD to CNY 0.1631 CNY to USD
USD INR 60.8551 USD to INR 0.0164 INR to USD
USD IDR 11869.6773 USD to IDR 0.0001 IDR to USD
USD JPY 107.0652 USD to JPY 0.0093 JPY to USD
USD MYR 3.193 USD to MYR 0.3132 MYR to USD
USD MVR 15.37 USD to MVR 0.0651 MVR to USD
USD NPR 97.5476 USD to NPR 0.0103 NPR to USD
USD NZD 1.2245 USD to NZD 0.8167 NZD to USD
USD PKR 102.3 USD to PKR 0.0098 PKR to USD
USD PGK 2.4752 USD to PGK 0.404 PGK to USD
USD PHP 43.915 USD to PHP 0.0228 PHP to USD
USD SCR 12.9781 USD to SCR 0.0771 SCR to USD
USD SGD 1.2487 USD to SGD 0.8008 SGD to USD
USD KRW 1036.6967 USD to KRW 0.001 KRW to USD
USD LKR 130.2754 USD to LKR 0.0077 LKR to USD
USD TWD 30.0375 USD to TWD 0.0333 TWD to USD
USD THB 32.18 USD to THB 0.0311 THB to USD
Updated: 2014-10-22
Convert from Convert to 1 USD Conversion in currency Conversion
USD BHD 0.3771 USD to BHD 2.6518 BHD to USD
USD EGP 7.1525 USD to EGP 0.1398 EGP to USD
USD HKD 7.7505 USD to HKD 0.129 HKD to USD
USD ILS 3.6298 USD to ILS 0.2755 ILS to USD
USD JOD 0.7086 USD to JOD 1.4112 JOD to USD
USD KWD 0.2865 USD to KWD 3.49 KWD to USD
USD LBP 1512.9981 USD to LBP 0.0007 LBP to USD
USD OMR 0.385 USD to OMR 2.5977 OMR to USD
USD QAR 3.6417 USD to QAR 0.2746 QAR to USD
USD SAR 3.7508 USD to SAR 0.2666 SAR to USD
USD AED 3.6732 USD to AED 0.2722 AED to USD
USD YER 214.9049 USD to YER 0.0047 YER to USD
Updated: 2014-10-22
Convert from Convert to 1 USD Conversion in currency Conversion
USD DZD 80.898 USD to DZD 0.0124 DZD to USD
USD KES 88.8998 USD to KES 0.0112 KES to USD
USD MUR 31.6999 USD to MUR 0.0315 MUR to USD
USD MAD 8.6142 USD to MAD 0.1161 MAD to USD
USD NAD 10.9658 USD to NAD 0.0912 NAD to USD
USD NIO 26.205 USD to NIO 0.0382 NIO to USD
USD NGN 162.8 USD to NGN 0.0061 NGN to USD
USD SLL 4369.8432 USD to SLL 0.0002 SLL to USD
USD ZAR 10.9765 USD to ZAR 0.0911 ZAR to USD
USD TZS 1663.4735 USD to TZS 0.0006 TZS to USD
USD TND 1.765 USD to TND 0.5666 TND to USD
USD UGX 2604.98 USD to UGX 0.0004 UGX to USD
USD XOF 507.8485 USD to XOF 0.002 XOF to USD
USD ZMK 5263.354 USD to ZMK 0.0002 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
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
XE.com Live Currency Converter for USD

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