Ranked: Currencies Soaring Against the U.S. Dollar
When comparing the currencies of large countries against the U.S. dollar, the Israeli shekel has risen the most, soaring 20.2% higher in the last year.
By Jenna Ross - Article & Editing Julia Wendling - Graphics & Design Jennifer West, Zack Aboulazm
Key Takeaways
- When comparing the currencies of large countries against the U.S. dollar, the Israeli shekel has risen the most, soaring 20.2% higher in the last year.
- The Colombian peso ranks second, rising 19.70% against the U.S. dollar, followed by the South African rand at 16.4%.
Over the past year, several global currencies have posted double-digit gains against the U.S. dollar. Shifting capital flows, changing monetary policy expectations, and improving domestic fundamentals have all played a role.
Created in partnership with Terzo, this graphic shows which currencies have seen the largest gains against the U.S. dollar. It’s part of our Markets in a Minute series, which delivers quick economic insights for executives.
Currencies Seeing the Biggest Gains
We analyzed countries with annual GDP of $250 billion or more, and ranked the performers of their currencies against the U.S. dollar in the last year.
Leading the pack is the Israeli shekel, up 20.2% year-over-year versus the dollar. The Bank of Israel governor attributes this to the resilience of the Israeli economy amid conflict and solid export performance. Israel has also seen strong foreign direct investment, driving demand for the sheke
The Colombian peso and South African rand have also posted strong gains, rising 19.7% and 16.4% respectively against the U.S. dollar over the past year. The Mexican peso follows closely behind, up 16.4%, supported by higher rates relative to the U.S., record foreign direct investment, and a booming tourism sector.
A Weaker U.S. Dollar vs. Global Currencies
Of course, a major reason currencies across the globe are gaining value against the U.S. dollar is because the American currency itself is weakening.
Analysts say the drop is partly due to market concern about the U.S. administration’s unpredictable policies. Earlier in 2025, the anticipation of more Federal Reserve rate cuts, which caused investors to look for higher returns elsewhere, also pushed the dollar lower.
What It Means for Global Markets
When the U.S. dollar gets weaker, it changes how money and trade flow around the world.
For example, U.S. products become cheaper for other countries to buy, which can help American exporters. At the same time, companies in other countries (with stronger currencies) may find it harder to compete with U.S. goods.
For investors, a weaker dollar can boost the value of investments in other countries. Even if those investments don’t grow much, they can still be worth more when converted back into U.S. dollars simply because the currency exchange rate improved.
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