BIS Monitor · 40 Currencies

Effective Exchange Rates

Real effective exchange rates (REER), broad basket · BIS WS_EER · Monthly · November 05, 2026
53
Balance Sheets
BIS WS_CBTA
44
Credit Gaps
BIS WS_CREDIT_GAP
40+
EER Currencies
BIS WS_EER
~60
Unique Economies
Total BIS coverage
Exchange Rate Competitiveness

Global exchange rate competitiveness shows sharp divergences, with EM currencies leading REER gains while G10 underperformers face export tailwinds. The COP (+24.8% YoY) and ARS (+17.5%) have seen the steepest real appreciation, eroding competitiveness amid high inflation, while MXN (+6.9%) remains elevated but stable. AUD (+8.2%) and NOK (+7.4%) have strengthened on commodity support. CHF (-4.5%) and SEK (-5.4%) are notable G10 decliners, boosting export prospects but adding imported inflation risks. Asia shows broad weakness, with JPY (-7.3%) and IDR (-7.0%) at multi-year REER lows, supporting regional exporters. The INR (-6.0%) stands out as an EM outlier, gaining trade advantages. Policymakers face competing pressures—appreciating currencies must balance inflation control against growth risks, while depreciators see relief for external balances but tighter import price dynamics. Divergences reflect uneven growth and policy paths.

Reading the index: REER is indexed (2010=100 by convention). Values above 100 indicate the currency has appreciated in real trade-weighted terms vs its 2010 baseline — higher = stronger (less competitive for exports). YTD/1y show % change from period start.
REER History — Broad Basket (BIS Index)
G7 G10 / Major Asia-Pacific Emerging Markets Europe
REER by Currency
CurrencyMonthIndexYTD1-YearHistory
G7
🇨🇦 CAD
Canadian Dollar
 2026-09 95.6 ↓ 1.7% ↓ 1.8% 120m
🇪🇺 EUR
Euro
 2026-09 103.3 ↑ 0.3% ↓ 1.3% 120m
🇬🇧 GBP
British Pound
 2026-09 111.5 ↓ 0.2% ↓ 0.6% 120m
🇯🇵 JPY
Japanese Yen
 2026-09 66.6 ↓ 1.6% ↓ 7.3% 120m
🇺🇸 USD
US Dollar
 2026-09 107.1 ↑ 0.7% ↓ 0.4% 120m
G10 / Major
🇦🇺 AUD
Aust. Dollar
 2026-09 116.1 ↑ 4.4% ↑ 8.2% 120m
🇨🇭 CHF
Swiss Franc
 2026-09 98.4 ↓ 4.3% ↓ 4.5% 120m
🇩🇰 DKK
Danish Krone
 2026-09 95.8 ↓ 0.4% ↓ 2.1% 120m
🇳🇴 NOK
Norwegian Krone
 2026-09 103.2 ↑ 7.2% ↑ 7.4% 120m
🇳🇿 NZD
NZ Dollar
 2026-09 100.2 ↓ 1.2% ↓ 2.0% 120m
🇸🇪 SEK
Swedish Krona
 2026-09 93.4 ↓ 7.8% ↓ 5.4% 120m
Asia-Pacific
🇨🇳 CNY
Chinese Renminbi
 2026-09 91.9 ↑ 2.7% ↑ 5.4% 120m
🇭🇰 HKD
HK Dollar
 2026-09 93.6 ↓ 2.3% ↓ 2.1% 120m
🇮🇩 IDR
Indonesian Rupiah
 2026-09 87.8 ↓ 5.8% ↓ 7.0% 120m
🇮🇳 INR
Indian Rupee
 2026-09 90.2 ↓ 3.2% ↓ 6.0% 120m
🇰🇷 KRW
Korean Won
 2026-09 92.7 ↑ 6.5% ↑ 2.4% 120m
🇲🇾 MYR
Malaysian Ringgit
 2026-09 104.4 ↓ 2.3% ↑ 2.6% 120m
🇵🇭 PHP
Philippine Peso
 2026-09 95.4 ↓ 3.2% ↓ 4.4% 120m
🇸🇬 SGD
Singapore Dollar
 2026-09 115.0 ↑ 0.7% ↑ 0.8% 120m
🇹🇭 THB
Thai Baht
 2026-09 97.2 ↓ 5.6% ↓ 3.5% 120m
🇹🇼 TWD
Taiwan Dollar
 2026-09 97.1 ↓ 1.3% ↓ 4.3% 120m
Europe
🇧🇬 BGN
Bulgarian Lev
 2026-09 113.4 ↓ 0.3% ↑ 0.7% 120m
🇨🇿 CZK
Czech Koruna
 2026-09 125.8 ↓ 2.5% ↓ 2.2% 120m
🇭🇷 HRK
Croatian Kuna
 2026-09 105.8 ↑ 0.2% ↑ 0.5% 120m
🇭🇺 HUF
Hungarian Forint
 2026-09 119.4 ↑ 2.4% ↑ 4.3% 120m
🇵🇱 PLN
Polish Zloty
 2026-09 125.5 ↓ 4.3% ↓ 2.9% 120m
🇷🇴 RON
Romanian Leu
 2026-09 118.6 ↓ 2.9% ↓ 2.0% 120m
Emerging Markets
🇦🇪 AED
UAE Dirham
 2026-09 101.4 ↑ 2.6% ↑ 3.3% 120m
🇦🇷 ARS
Argentine Peso
 2026-09 144.2 ↑ 11.0% ↑ 17.5% 120m
🇧🇷 BRL
Brazilian Real
 2026-09 117.2 ↑ 4.2% ↑ 4.5% 120m
🇨🇱 CLP
Chilean Peso
 2026-09 98.9 ↓ 7.2% ↑ 0.1% 120m
🇨🇴 COP
Colombian Peso
 2026-09 144.7 ↑ 17.3% ↑ 24.8% 120m
🇩🇿 DZD
Algerian Dinar
 2026-09 113.1 ↓ 1.1% ↑ 1.3% 120m
🇮🇱 ILS
Israeli Shekel
 2026-09 110.3 ↑ 3.0% ↑ 8.6% 120m
🇲🇽 MXN
Mexican Peso
 2026-09 140.3 ↑ 0.7% ↑ 6.9% 120m
🇵🇪 PEN
Peruvian Sol
 2026-09 111.0 ↓ 0.7% ↑ 2.3% 120m
🇷🇺 RUB
Russian Ruble
 2026-09 114.9 ↓ 9.0% ↓ 0.0% 120m
🇸🇦 SAR
Saudi Riyal
 2026-09 98.6 ↓ 1.9% ↓ 1.7% 120m
🇹🇷 TRY
Turkish Lira
 2026-09 108.3 ↑ 3.2% ↑ 7.2% 120m
🇿🇦 ZAR
South African Rand
 2026-09 113.9 ↑ 1.9% ↑ 8.9% 120m
Source: BIS Statistics (WS_EER) · Real effective exchange rate, broad basket · Base 2010=100 · November 05, 2026