U.S. Dollar

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U.S. Dollar

The currency of the United States. First issued in 1792, it is the currency used most often in international transactions. After World War II, most world currencies were pegged to the dollar, which was pegged to gold. In 1971, the dollar became a fiat currency. Nevertheless, many currencies are still pegged to the dollar, and it is one of the most important reserve currencies in the world.
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References in periodicals archive ?
However, the US dollar decreased in the open market by Rs0.80 to be traded at Rs156.70
Earlier on Thursday, the Pakistani rupee continued to weaken against the US dollar, shedding Rs1.33 in the interbank market.
At today's morning trading session of the US dollar, the minimum rate was 379.4 tenge per US dollar and the maximum rate was 379.9 tenge, while the closing rate was 379.9 tenge per dollar.
15 marked the intermediate low in the US dollar index.
According to sources, the government has received US dollar 138.95 million in grants in first four months of the current fiscal year from Asian Development Bank (ADB), International Bank for Reconstruction and Development (IBRD), the United Nations High Commissioner for Refugees (UNHCR), Islamic Development Bank and some other countries.
Those resources are used by a country to buy US dollars from the market, at market rates, to provide the same US dollars to banks and companies that need to service their debts, denominated in US dollar, or to spend on imports, etc.
The factories mainly rely on importing raw materials, which requires them to deal in US dollars. The shortage of US dollars in banks has forced these manufacturers to secure their foreign currency needs from the informal market, which sells the US dollar at a higher exchange rate than the banks, according to Abdellah.
The firm also expects to make 4.5bn US dollars (PS3.1bn) in efficiency savings from its PS35bn merger with BG, up from its previous estimate of 3.5bn US dollars (PS2.4bn).
With staff numbers rising 2% to 32,900 it meant average remuneration was squeezed from the 399,506 US dollars (PS243,988) in 2012.
During year 2007-08, the country imported mobile phone handsets with battery worth US dollar 445.9 million, in 2008-09 US dollar 129.7 million, in 2009-10 US dollar 169.23 million, in 2010-11 US dollar 218.2 and during 2011-12, the country spent US dollar 465.3 million on handsets import.
However, John Taylor of FX Concepts thinks QE3 is a possibility but will be unsuccessfull: (http://www.ibtimes.com/articles/156456/20110602/john-taylor-definitely-another-recession-coming-buy-us-dollars.htm) John Taylor: Definitely Another Recession Coming, Buy US Dollars .