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AUD Ranks fifth as most weakened currency in 2023

The Australian dollar (AUD) ranks fifth with a 25% increase in GDP between 2020 and 2023. However, the strength of the currency has decreased by 2.20% in the same time period.

That’s according to new research from the experts at City Index, who have analysed countries with the highest GDP and local currency strength against the USD to highlight which currencies have shown the largest growth following the economic disruption caused by the Covid-19 pandemic.

The research looked into the latest data available from IMF.org to rank the 50 largest world economies in terms of GDP growth, and then analysed the currency recovery of the top 28 [1] economies by tracking United Nations data on operational exchange rates against USD.

Currencies that have weakened against USD the most post Covid:

Country

Currency

Increase in GDP between 2020 and 2023 

($ billion)

GDP percentage increase %

[2] Local Currency Operational Exchange Rate (to USD -2020)

Local Currency Operational Exchange Rate

(to USD -2023)

Currency Strength Change %

Israel

Israeli New Shekel (NIS)

126

30%

3.42

3.59

-4.73%

Russian Federation

Russian Ruble (RUB)

575

39%

73.17

76.75

-4.67%

United Kingdom

Great British Pound (GBP)

452

17%

0.78

0.81

-3.92%

Indonesia

Rupiah

329

31%

14,568.67

15,040.82

-3.14%

Australia

Australian Dollar (AUD)

347

25%

1.45

1.48

-2.20%

Chile

Chilean Peso (CLP)

104

41%

790.75

805.73

-1.86%

Vietnam

Vietnamese Dong (VND)

103

30%

23,227.83

23,513.82

-1.22%

Canada

Canadian Dollar (CAD)

442

27%

1.34

1.35

-0.36%

China

Chinese Yuan (CYM)

4511

30%

6.90

6.91

-0.12%

UAE

Dirham (AED)

150

43%

3.67

3.67

0.01%

Saudi Arabia

Riyal (SAR)

328

45%

3.75

3.75

0.01%

Switzerland

Swiss Franc (CHF)

131

18%

0.93

0.91

2.48%

Brazil

Real (BRL)

605

41%

5.22

5.08

2.77%

Singapore

Singapore Dollar (SGD)

167

48%

1.38

1.34

3.33%

Mexico

Mexican Peso (MXN)

573

53%

21.83

18.23

19.72%

The Australian dollar (AUD) ranks fifth with a 25% increase in GDP between 2020 and 2023. However, the strength of the currency has decreased by 2.20% in the same time period.

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