Israeli foreign minister severs contact with EU foreign policy chief
US and Iran sign ceasefire agreement, but Trump says he could still resume attacks
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North Korea's Kim Yo Jong condemns G7 call for denuclearisation as violation of sovereignty
India's long-delayed NSE IPO sets up $2.6 billion windfall for top investors
India's TCS to take $70 million hit after US Supreme Court rejects appeal
India's Nykaa aims to surpass $5 billion in goods sold by fiscal 2030
DOLLAR INDEX
The US Dollar Index is a measurement of value of the US Dollar relative to six currencies as valued by their exchange rates. While half of the value is measured against the Euro, the other currencies in the basket are British Pound, Japanese Yen, Canadian Dollars, Swedish Krona and the Swiss Franc. The Dollar Index goes up when the US Dollar gains strength or value relative to other currencies.
The value of each currency is multiplied by its weight, which is a positive number when the U.S. dollar is the base currency. It's a negative number when the U.S. dollar is the quote currency. Euros and Pounds are the only two currencies where the U.S. dollar is the base currency because they're quoted in terms of the dollar. The weights of the currencies are Euro ( 57.6%), JPY ( 13.6%), GBP ( 11.9%), CAD ( 9.1%), SEK (4.2%) & CHF ( 3.6%).
Eforex India quotes Dollar Index and this can be used for benchmarking and hedging purposes. We also give API of the prices of dollar Index together with metals & commodities which can be integrated to your software for pricing and valuation. Exporters, importers and those with currency exposure needs to manage their hedging by proper Risk management techniques and value it Marked to Market (MTM) on a daily basis to manage their portfolio.