Exchange rates

The U.S. dollar continued to depreciate sharply against major currencies. Currencies pegged to the U.S. dollar and currencies of developing countries perceived as high risk during the current financial turmoil due to excessive reliance on portfolio inflows to finance the current account deficits have seen their currencies depreciate. Conversely, the currencies of commodity exporters, or countries with currencies linked to the euro have appreciated against the U.S. dollar.