The central bank's website showed the exchange rate as 11, 180 rial to one US dollar.
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After April, Mr. Takeuchi says the impact of a weaker currency will start to be felt, boosting Japanese earnings by around 15% based on the yen's current exchange rate against the dollar and the euro.
Only the flood of petrodollars coming into the government's coffers is keeping the exchange rate stable.
Now, it is clear why: He believes it is possible and desirable to link the dollar and the euro by bureaucratic fiat (pun most certainly intended) simply by having the U.S. Treasury fix the exchange rate between the dollar and the euro by decree.
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The move was designed "to avoid uncertainty about the crown's exchange rate", the bank said in a statement.
The current U.S. exchange rate with the British pound, euro and other currencies could also be an explanation for renewed foreign direct investment.
The fiasco of Britain's ejection from the exchange-rate mechanism added an impression of incompetence to the impression of drift.
The rupiah's exchange rate is also important to the health of the Indonesian economy.
But in a country where indicators ranging from economic growth to the ruble's exchange rate are largely dictated by the volatile energy and metals prices, investors are seeking greater consistency in the government's campaign against corruption and illegal business practices, its plans to deregulate utility prices, and its efforts to lower administrative barriers that make life difficult for all but the largest companies.
Since then, the renminbi has appreciated by 3.1 percent against the U.S. dollar, and the exchange rate now stands at 6.595 to 1.
The government's ability to sustain the exchange-rate peg depends entirely on its ability to withstand the pain as a shrinking money supply forces interest rates higher and squeezes the local economy.
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Having been opposed to the Conservative government's decision to join the European exchange rate mechanism (ERM), he had to deal with "Black Wednesday".
In Argentina , all the main candidates bidding to succeed President Carlos Menem in October's presidential election ruled out any change in the country's fixed exchange rate.
If a couple of mutual funds suddenly decided to make a serious investment, the country's exchange rate could rocket, starting an unsustainable boom in the property and banking sector, and causing havoc for exporters.
The rouble's exchange rate yo-yos, falling by a third one day, rising by a quarter the next.
Many acts are skipping U.S. tours because the exchange rate is so bad.
Import prices will be pushed up by a weaker pound, whose 6% fall in the last three months was the biggest since sterling's ignominious exit from the European exchange-rate mechanism in 1992.
But most seem to accept that Brazil will need to build a prosperous future the hard way: cutting current spending to invest more in public infrastructure (a lot more), and, finally getting to grips with some regulation and red tape that probably does more to hurt Brazil's competitiveness than the high exchange rate.
Sergey Ignatiev, the man expected to become the new head of Russia's central bank, has said he does not want to see any "serious" changes to the country's exchange rate policy.
Mr King concludes that the biggest problem for China's current exchange-rate policy is not the yuan itself but the performance of the dollar.
Numerous crises, from the collapse of Europe's exchange-rate mechanism in 1992-93 to the trauma in East Asia of recent months, make this clear.
In recent days, Iceland has taken over the country's second-biggest bank, fixed the exchange rate of its plummeting currency, and asked Russia for a euro4 billion loan as it scrambled to stop the collapse of its economy.
In the 433 months since trading freely following 1973's demise of the Bretton Woods exchange-rate system, gold has had a 7.1% average annual return, achieved solely from six relatively brief spikes.
The Tuesday tariff is yet another measure aimed at protecting local industry following sector-specific tax incentives (like the auto industry) and a more aggressive intervention policy to maintain the foreign exchange rate between the U.S. dollar and the Brazilian real at weak levels.
Growing deficits constrain the use of stimulus efforts to revive the economy, while Serbia's concerns about inflation and exchange rate stability preclude the use of expansionary monetary policy.
While platinum prices have fallen in dollar terms over the last few months, fluctuations in the foreign-exchange rate between the U.S. dollar and South African rand have actually meant South African mining companies are effectively receiving a higher payment for their metal, Tremblay said.
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In 1992 sterling's humiliating ejection from the European Exchange Rate Mechanism did for John Major.
Over the past few months, the yuan's exchange rate has been getting more volatile, by its own modest standards.
The PBOC administers the country's exchange-rate policy, but it does not make it.
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Yet he conceded at the weekend meeting that political intervention in the euro's exchange-rate policy should happen only rarely.
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