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Six most traded currencies in the world
Lot and lot of money changes hands every day in foreign exchange trading, but which are the most traded currencies in the world?
Here we take a look at six most traded currencies in the world, according to investopedia.com.
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Six most traded currencies in the world
US dollar
First and foremost is the US dollar, which is easily the most traded currency on the planet. The dollar can be found in a pair with all the other major currencies and often acts as the intermediary in triangular currency transactions, according to investopedia.com.
The dollar acts as the unofficial global reserve currency, held by nearly every central bank and institutional investment entity in the world.
It was trading at Rs 49.36 on January 31, 2012.
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Six most traded currencies in the world
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union.
It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
It was trading at Rs 65.15 on January 31, 2012.
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Six most traded currencies in the world
Japanese yen
It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the US dollar, the euro and the pound sterling.
It was trading at Rs 0.64 on January 31, 2012.
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Six most traded currencies in the world
British pound sterling
The pound sterling is the official currency of the United Kingdom, its Crown Dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha.
It was trading at Rs 77.78 on January 31, 2012.
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Six most traded currencies in the world
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione dItalia.
Although not formally legal tender in the German exclave Busingen (the sole legal currency is the euro), it is in wide daily use there. The Swiss National Bank issues banknotes and the federal mint Swissmint issues coins.
It was trading at Rs 53.99 on January 31, 2012.
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Six most traded currencies in the world
Canadian dollar
As of 2012, the Canadian dollar is the sixth most traded currency in the world. It is divided into 100 cents.
It was trading at Rs 49.37 on January 31, 2012.