Mighty US dollar comes up trumps in 2014

The US dollar has strengthened against the currencies of every Asian economy as well as those of the major economies elsewhere in the world. -- PHOTO: REUTERS
The US dollar has strengthened against the currencies of every Asian economy as well as those of the major economies elsewhere in the world. -- PHOTO: REUTERS

The year 2014 is one for the mighty US dollar, which has strengthened against the currencies of every Asian economy as well as those of the major economies elsewhere in the world.

The US has benefited from a strong recovery in its economy. Its shale gas boom has significantly lowered its energy prices, while driving down the prices of crude oil globally.

Here is a look at how some of the Asian currencies have fared against the greenback so far this year:

1. Hong Kong dollar (-0.1%)*

2. Thai baht (-0.5%)

3. Philippine peso (-0.7%)

4. Indonesian rupiah (-2.4%)

5. Indian rupee (-2.5%)

6. Chinese renminbi (-2.8%)

7. Singapore dollar (-4.5%)

8. South Korean won (-4.6%)

9. Malaysian ringgit (-6.2%)

10. Taiwanese dollar (-6.3%)

11. Japanese yen (-12.8%)

Asian units are nowhere near as dire as the world's worst five currencies as seen below:

1. Syrian pound (-20.8%)

2. Argentine peso (-23.8%)

3. Ghana cedi (-25.9%)

4. Russian rouble (-39.7%)

5. Ukrainian hryvnia (-47.7%)

* Hong Kong dollar is pegged to the US dollar