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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.
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