US Dollar (USD) Exchange Rates on 23rd April 2014 (23/04/2014)

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Exchange rates for US Dollar (USD)

Updated: 2014-04-23
Convert from Convert to 1 USD Conversion in currency Conversion
USD GBP 0.5957 USD to GBP 1.6788 GBP to USD
USD BGN 1.4155 USD to BGN 0.7065 BGN to USD
USD HRK 5.5126 USD to HRK 0.1814 HRK to USD
USD CZK 19.8699 USD to CZK 0.0503 CZK to USD
USD DKK 5.4027 USD to DKK 0.1851 DKK to USD
USD HUF 222.2 USD to HUF 0.0045 HUF to USD
USD KZT 182.0298 USD to KZT 0.0055 KZT to USD
USD LVL 0.5086 USD to LVL 1.9661 LVL to USD
USD LTL 2.4983 USD to LTL 0.4003 LTL to USD
USD MKD 44.59 USD to MKD 0.0224 MKD to USD
USD MDL 13.1222 USD to MDL 0.0762 MDL to USD
USD NOK 5.9908 USD to NOK 0.1669 NOK to USD
USD PLN 3.0299 USD to PLN 0.33 PLN to USD
USD RON 3.2351 USD to RON 0.3091 RON to USD
USD RUB 35.71 USD to RUB 0.028 RUB to USD
USD SEK 6.5708 USD to SEK 0.1522 SEK to USD
USD CHF 0.8833 USD to CHF 1.1321 CHF to USD
USD TRY 2.1516 USD to TRY 0.4648 TRY to USD
USD UAH 11.55 USD to UAH 0.0866 UAH to USD
Updated: 2014-04-23
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USD ARS 8.0008 USD to ARS 0.125 ARS to USD
USD BOB 6.91 USD to BOB 0.1447 BOB to USD
USD BRL 2.2207 USD to BRL 0.4503 BRL to USD
USD CAD 1.103 USD to CAD 0.9066 CAD to USD
USD KYD 0.82 USD to KYD 1.2195 KYD to USD
USD CLP 561.7194 USD to CLP 0.0018 CLP to USD
USD COP 1935.9927 USD to COP 0.0005 COP to USD
USD CRC 548.5004 USD to CRC 0.0018 CRC to USD
USD DOP 43.205 USD to DOP 0.0231 DOP to USD
USD SVC 8.75 USD to SVC 0.1143 SVC to USD
USD FJD 1.8332 USD to FJD 0.5455 FJD to USD
USD HNL 19.11 USD to HNL 0.0523 HNL to USD
USD JMD 109.6898 USD to JMD 0.0091 JMD to USD
USD MXN 13.0715 USD to MXN 0.0765 MXN to USD
USD ANG 1.77 USD to ANG 0.565 ANG to USD
USD PYG 4446.0356 USD to PYG 0.0002 PYG to USD
USD PEN 2.7903 USD to PEN 0.3584 PEN to USD
USD TTD 6.4648 USD to TTD 0.1547 TTD to USD
USD UYU 22.97 USD to UYU 0.0435 UYU to USD
USD VEF 6.2921 USD to VEF 0.1589 VEF to USD
Updated: 2014-04-23
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USD AUD 1.0758 USD to AUD 0.9295 AUD to USD
USD BDT 77.6299 USD to BDT 0.0129 BDT to USD
USD BND 1.2554 USD to BND 0.7966 BND to USD
USD CNY 6.2376 USD to CNY 0.1603 CNY to USD
USD INR 61.0001 USD to INR 0.0164 INR to USD
USD IDR 11630.0336 USD to IDR 0.0001 IDR to USD
USD JPY 102.47 USD to JPY 0.0098 JPY to USD
USD MYR 3.2605 USD to MYR 0.3067 MYR to USD
USD MVR 15.46 USD to MVR 0.0647 MVR to USD
USD NPR 97.7199 USD to NPR 0.0102 NPR to USD
USD NZD 1.1582 USD to NZD 0.8634 NZD to USD
USD PKR 97.8499 USD to PKR 0.0102 PKR to USD
USD PGK 2.6631 USD to PGK 0.3755 PGK to USD
USD PHP 44.71 USD to PHP 0.0224 PHP to USD
USD SCR 12.3101 USD to SCR 0.0812 SCR to USD
USD SGD 1.2554 USD to SGD 0.7966 SGD to USD
USD KRW 1037.6487 USD to KRW 0.001 KRW to USD
USD LKR 130.6201 USD to LKR 0.0077 LKR to USD
USD TWD 30.285 USD to TWD 0.033 TWD to USD
USD THB 32.342 USD to THB 0.0309 THB to USD
Updated: 2014-04-23
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USD BHD 0.377 USD to BHD 2.6524 BHD to USD
USD EGP 6.9952 USD to EGP 0.143 EGP to USD
USD HKD 7.7531 USD to HKD 0.129 HKD to USD
USD ILS 3.4839 USD to ILS 0.287 ILS to USD
USD JOD 0.7079 USD to JOD 1.4126 JOD to USD
USD KWD 0.2813 USD to KWD 3.5548 KWD to USD
USD LBP 1508.625 USD to LBP 0.0007 LBP to USD
USD OMR 0.385 USD to OMR 2.5975 OMR to USD
USD QAR 3.6407 USD to QAR 0.2747 QAR to USD
USD SAR 3.7503 USD to SAR 0.2666 SAR to USD
USD AED 3.6729 USD to AED 0.2723 AED to USD
USD YER 215.1 USD to YER 0.0046 YER to USD
Updated: 2014-04-23
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USD DZD 78.6037 USD to DZD 0.0127 DZD to USD
USD KES 86.9 USD to KES 0.0115 KES to USD
USD MUR 30.1 USD to MUR 0.0332 MUR to USD
USD MAD 8.1305 USD to MAD 0.123 MAD to USD
USD NAD 10.583 USD to NAD 0.0945 NAD to USD
USD NIO 25.46 USD to NIO 0.0393 NIO to USD
USD NGN 161.6205 USD to NGN 0.0062 NGN to USD
USD SLL 4395.0371 USD to SLL 0.0002 SLL to USD
USD ZAR 10.583 USD to ZAR 0.0945 ZAR to USD
USD TZS 1639.0032 USD to TZS 0.0006 TZS to USD
USD TND 1.5954 USD to TND 0.6268 TND to USD
USD UGX 2513.0042 USD to UGX 0.0004 UGX to USD
USD XOF 475.4302 USD to XOF 0.0021 XOF 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 Live Currency Converter for USD

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