Headline for .     Since the beginning of 2018, despite the Covid-19 pandemic, currencies around the world are generally down against the United States dollar.     
World Currency Observer
World Currency Observer

Exchange Rates: one year high and low

October 1, 2025. (see October 16 update below). Next update: November 3, 2025. Visit Search to look at past issues of World Currency Observer (brochure edition).

The last two weeks of September 2025 included a somewhat controversial 0.25% reduction, by the United States central bank, on September 17, 2025, in the key United States short-term interest rate, which went against a widespread view that there should have been no United States interest rate reduction, a view supported a week later, when United States economic data implied a stronger-than-previously anticipated second quarter for United States GDP, generally interpreted as implying that growth in the current 3rd quarter 2025 will also be strong, and thus with less room for further United States interest rate reductions over the rest of the 2025 (and giving rise to a similar retrospective view of the September 17 reduction). On the other hand, more recent United States data indicates that the still-strong US economy is seeing declines in job growth and consumer confidence, and higher inflation. (Longer term United States yields also rose). In many countries, the reduction in the key US interest rate contributed to strength in currencies against the US$ in the last two weeks of September.

Looking at currencies around the world in September 2025: the Canada dollar was down by 1.5% against the US dollar in September, and down 3.25% since this time last year - the Mexico peso was up by 1.5% against the US$ on the month, and up 6.75% since this time last year. Caribbean currencies with non-fixed exchange rates were, mostly, up slightly against the US dollar in September. South America currencies, for the 2nd month in a row, were generally up against the US$ in September (see below for an item about Argentina). Among South America currencies, the Paraguay guarani was up 5% against the US$ in September 2025, and up by 9.5% since this time last year. The Colombia peso rose by a net 3.25% against the US$ in September. The Euro was up by 0.5% against US$ over the month of September 2025, and rose by 5.75% since this time last year. The Swiss franc is up by 6% compared to its value at this time last year. The Russia rouble was down by 3.5% on the month against the US$, but is up by 9,25% since this time last year. The Tajikistan somoni was up 2% on the month, and is now up by nearly 12% against the US$ since this time last year. The Uzbekistan som is up by 3.75% against the US$ since this time year. The Moldova leu is up by 3.75% since this time last year – the leu had fallen steadily against the US$ in the last two weeks of September (after a steady strengthening in the previous month-and-a-half, but then moved up with the results of the elections, interpreted as significant support for the pro-European Union Party of Action and Solidarity). The Liberia dollar was up by 11% against the US$ in September (up 8.5% since this time last year). The Nigeria naira was up by 3.5% against the US$ in September, and by 6.5% since this time last year. The South Africa rand was up by 2.6% on the month, and up by 2.5% since this time last year. The Democratic Republic of the Congo franc was up by 4.25% on the month, and up by 3.25% since this time last year. The Tanzania shilling is up by nearly 10% against the US$ since this time last year, and up by 1.75% in September - Tanzania foreign exchange regulations requiring the almost exclusive use of the shilling for domestic transactions have been now been in effect for six months, pursuant to the Tanzania Foreign Exchange Regulations of 2025 (more on Tanzania and neighbouring countries in a future WCO). The Philippines peso was up by 1.75% in September 2025 against the US dollar, and down by 3.25% since this time last year. The Myanmar kyat was up by 2.5% against the US$ in September, and up by 1.25% since this time last year. Gold prices in US$ terms were up 10% in the month of September 2025, and oil prices were up slightly. Coffee prices were down 4.75% in September, but are up by 43% since this time last year. Soybean prices were down by 3.5% in September 2025 (see the item on Argentina below).

Argentina, in the latter part of September 2025, saw a broad and very comprehensive range of responses and reactions to weakness in the dólar official peso, which went from 1350 at the beginning of September, to 1475 per 1$US at its weakest point, and which ended with the peso (but not the dólar blue parallel market peso) back below the top of the 1000-1450 per 1$US band established in April 2025 (inflation-adjusted once per month), strengthening to an end-of-September value of around 1340. The reactions to the peso weakness Included expressions of support (linked to the forthcoming Argentina mid-term elections on October 26) for the President Milei approach to fiscal and monetary policy, from the US President and Treasury Secretary, who met the Argentina president in the middle of the two-week crisis, in New York City, during the heavily reported meeting of the United Nations General Assembly, featuring speeches on a wide range of topics – the US promised a wide range of assistance to the Argentina government, including swap lines, bond purchases and fiscal management assistance, and there were expressions of continuing support from other sources, reported by the media to include the IMF, the World Bank and the Inter-American Development Bank. Among the local Argentina support for the peso, aside from the reported sale perhaps US1 billion in reserves, was the temporary elimination, on September 24, by Argentina of its export taxes on food and livestock (the highest rates by far are the 26% rate on soybean exports, and similar levels for soybean meal and oil), which pushed up exports (such as soybean exports to China) – the export tax reduction was supposed to last for a month, but export orders were so high. in a very short period of time, that most reductions were ended after three days. The context of the peso decline included economic weakness in June and July in Argentina, but, underpinning the financial assistance which continues to be available from the United States, is that Argentina is one of the largest countries in South America, with a wide range of agricultural, energy and human resources.

October 16, 2025 update

Among the more complicated recent events in the worldwide trade war, with a potentially significant impact on a large number of exchange rates, has been the lapse on September 30, 2025 (and failure by the United States to renew, so far) the 25-year old African Growth and Opportunity Act, which is a free trade agreement between the United States and a number of African countries. (Renewal, even for just a year would require action by Congress.) Among the interesting aspects is that, for a number of Africa countries which export textile products to the United States under the terms of AGOA, the financial advantages have been overridden by the United States reciprocal tariffs imposed in the last few months (one well-known example of high tariffs with links to AGOA is Lesotho), while for others the more important link is to cutbacks in United States foreign aid, and also that the AGOA lapse has the potential to become an issue in the escalating United States-China trade war, partly because it gives an additional opening for China to take further action to deepen trade ties with Africa. Another potential effect, on trade and exchange rates, is that it will likely give the 24 Africa countries who are members of the African Continental Free Trade Area to deepen ties with each other.

(World Currency Observer will next be updated on November 3, 2025. Visit Search to look at past issues of World Currency Observer (brochure edition). For permission-to-quote enquiries, e-mail World Currency Observer at WCO@briargreen.com.)