What is the dollar exchange rate in relation to the Polish currency? Today, November 20, 2023, at 7 am, the USD/PLN exchange rate was PLN 4.0163. It is worth remembering that the exchange rate may change during the day. You can see this in the chart in this article.
PLN 4.02145 was yesterday’s USD exchange rate. This means that the American currency has changed by PLN -0.0051 from day to day. Looking at the weekly perspective, the dollar exchange rate changed by PLN -0.1221.
The US dollar (USD) is the official currency of the United States of America. The currency was established on the basis of the Coinage Act of 1792. The decision to create its own currency was closely related to the emerging statehood of the territory that had until recently been dependent on Great Britain. Winning the war and the Peace of Paris of 1783 that sealed its result meant that the new entity on the political map of the world had to quickly increase its independence and emphasize its distinctiveness.
Establishing its own coin became crucial for the United States at that time. Initially, the value of the dollar was based on the parity relating to precious metals: gold and silver. It was assumed that the gold to silver ratio would be constant and amounted to 15:1. Silver coins (24 grams) were much heavier than gold coins (1.6 grams), which made the latter much more convenient to use. The gold rate has varied over the years and in 1900 it was $20.67 per ounce, in 1934 it was $35, and in 1972 it reached $42.-
The following year (1973, the link between the dollar and gold was abolished) the dollar became a liquid currency. The name dollar comes from the thaler, and one dollar is divided into one hundred cents. The value of the dollar is influenced by the fact that many central banks use it as the currency in which foreign exchange reserves are created. Traditionally, some natural resources are settled in dollars, but due to geopolitical changes, some countries, such as Russia, have moved away from settling oil in American currency.