Currency Fair-Value Ranking
Currencies ranked by current deviation from fair value (positive = overvalued vs USD). Click any row to see the time series.
Source: Quantitative Investment Office, Open Exchange Rates
| ISO currency code, quoted as ISO/USD — the value of 1 unit of that currency in US dollars. | ValuationWhether the currency is over- or undervalued vs. fair value. Descriptive only, not a recommendation. | SpotThe most recently observed market exchange rate for this currency pair. | Fair valueModel-implied equilibrium rate from macro (growth, inflation), market (rates) fundamentals and a latent factor. | % gap between spot and fair value. Positive = overvalued; negative = undervalued. | The average deviation between spot and fair value over the trailing 12 months, for context on whether the current gap is unusually wide or narrow. | One standard deviation of the historical spot–fair value deviation, showing the typical range of fluctuation the current deviation can be compared against. | A measure of the estimation uncertainty around the fair value figure itself — reflecting data quality, parameter stability and model confidence, not market volatility. | Share of future FX variation explained by fundamentals, based on historical backtests (12m horizon). | |
|---|---|---|---|---|---|---|---|---|---|
| JPY | Japanese Yen | undervalued | 0.0062 | 0.0079 | -23.8% | -24.3% | 14.6% | 13.3% | 1% |
| INR | Indian Rupee | undervalued | 0.0105 | 0.0125 | -17.3% | -20.2% | 7.4% | 7.8% | 2% |
| IDR | Indonesian Rupiah | undervalued | 0.0001 | 0.0001 | -15.4% | -14.9% | 7.1% | 2.5% | 2% |
| DKK | Danish Krone | neutral | 0.1550 | 0.1743 | -11.8% | -9.4% | 14.0% | 8.6% | 14% |
| PHP | Philippine Peso | neutral | 0.0161 | 0.0177 | -9.8% | -13.9% | 11.0% | 4.4% | 5% |
| CAD | Canadian Dollar | neutral | 0.7188 | 0.7681 | -6.6% | -7.9% | 12.0% | 5.3% | 5% |
| TWD | Taiwan Dollar | neutral | 0.0316 | 0.0331 | -4.7% | -1.6% | 8.3% | 9.3% | 1% |
| RUB | Russian Ruble | neutral | 0.0116 | 0.0120 | -3.0% | -9.4% | 17.8% | 10.1% | 7% |
| THB | Thai Baht | neutral | 0.0302 | 0.0309 | -2.4% | -3.2% | 6.8% | 3.2% | 21% |
| CHF | Swiss Franc | neutral | 1.2354 | 1.2628 | -2.2% | -1.4% | 10.1% | 6.3% | 11% |
| NZD | New Zealand Dollar | neutral | 0.5912 | 0.5923 | -0.2% | -0.2% | 13.5% | 5.6% | 18% |
| AUD | Australian Dollar | neutral | 0.7167 | 0.6957 | 3.0% | 4.9% | 11.6% | 2.6% | 23% |
| EUR | Euro | neutral | 1.1585 | 1.1189 | 3.5% | 2.0% | 12.1% | 4.7% | 17% |
| CNY | Chinese Yuan | overvalued | 0.1486 | 0.1426 | 4.2% | 2.1% | 4.1% | 2.9% | 11% |
| BRL | Brazilian Real | neutral | 0.1925 | 0.1837 | 4.7% | 3.2% | 18.9% | 4.8% | 6% |
| KRW | South Korean Won | neutral | 0.0007 | 0.0007 | 5.0% | 3.6% | 11.3% | 3.7% | 15% |
| CZK | Czech Koruna | neutral | 0.0480 | 0.0456 | 5.1% | 5.9% | 14.7% | 7.2% | 4% |
| HKD | Hong Kong Dollar | neutral | 0.1275 | 0.1206 | 5.6% | 8.3% | 11.4% | 7.6% | 1% |
| CLP | Chilean Peso | neutral | 0.0011 | 0.0010 | 6.1% | 1.5% | 9.6% | 1.8% | 17% |
| NOK | Norwegian Krone | neutral | 0.1067 | 0.1002 | 6.3% | 5.0% | 12.9% | 7.9% | 3% |
| SEK | Swedish Krona | neutral | 0.1042 | 0.0978 | 6.4% | 6.1% | 12.9% | 4.5% | 12% |
| MYR | Malaysian Ringgit | neutral | 0.2484 | 0.2319 | 6.9% | 5.6% | 9.1% | 2.6% | 4% |
| HUF | Hungarian Forint | neutral | 0.0032 | 0.0030 | 7.1% | 7.8% | 18.2% | 14.4% | 3% |
| GBP | British Pound | overvalued | 1.3535 | 1.2330 | 9.3% | 8.7% | 8.3% | 3.5% | 9% |
| SGD | Singapore Dollar | overvalued | 0.7847 | 0.7077 | 10.3% | 9.4% | 6.5% | 6.2% | 11% |
| TRY | Turkish Lira | neutral | 0.0207 | 0.0178 | 15.0% | 8.0% | 17.8% | 16.2% | 2% |
| COP | Colombian Peso | overvalued | 0.0003 | 0.0003 | 15.9% | 7.6% | 15.1% | 11.5% | 3% |
| ILS | Israeli Shekel | overvalued | 0.3360 | 0.2816 | 17.6% | 18.9% | 6.5% | 2.2% | 6% |
| ZAR | South African Rand | overvalued | 0.0618 | 0.0503 | 20.7% | 19.2% | 12.8% | 4.4% | 17% |
| MXN | Mexican Peso | overvalued | 0.0587 | 0.0460 | 24.5% | 23.8% | 11.5% | 6.5% | 1% |
| RON | Romanian Leu | overvalued | 0.2204 | 0.1710 | 25.4% | 18.0% | 14.0% | 13.2% | 1% |