Is the US$ exchange rate to your advantage?

Singapore
October 24, 2008 10:49am CST
This discussion is for those who are not US members. With the volatile times ahead, have you noticed the US currency rate. I have been checking the rate against my Singapore dollar and it's getting better and better, as the economy in my country is said to have a techincal recession. I'm quite excited about it because I will get more from earning online when I convert my money to my local currency. So I must work harder to earn US$ online! How is US$ against your currency? From xe.com, US$1 = S$1.50365 (the highest so far in the last few days, weeks or even months!)
5 people like this
21 responses
@writersedge (22579)
• United States
24 Oct 08
I am US, but I live on the Canadian border. For awhile the Canadian exchange rate was par (equal) and that is when a lot of Canadians started coming down and buying. Then it went up to some cents above and more Canadians came down. We have less of a recession here (US border towns)because of the Canadians coming down and buying from us, but now their money is 82 cents to our US dollar, so I'm sure they will stop coming down so much soon. It's too bad, I really like talking to them in English and in French. Now, me financially, they don't help me very much. Only three families from Canada buy the dog food I sell. But they buy quite a bit at a time, so they do help some. $1.50 is really, really good. That must be quite exciting. I hope you're able to earn more American dollars online, we can all use more buying power these days. Especially at 1 1/2 times as much. Take care.
• Singapore
25 Oct 08
It is quite exciting for me. Some of the Singaporeans here actually buy from our neighbouring country, Malaysia too because of the exchange rate advantage. Their products are cheaper. If we have a private transport, it's quite easy to travel there to buy stuff, but we don't. It's great to have 1.5 times more. While some people are concerned that they are not having enough with their salary each month, I still feel that there are other opportunities on the net that many are not aware of. I hope to earn more online just to cover my cost of living, at least.
@writersedge (22579)
• United States
25 Oct 08
Good luck, for you, that might be a reasonable goal. Let us know how you do. Take care
@Metalchick (1371)
24 Oct 08
I have also been keeping my eye on this and although the british pound is doing badly when against the american dollar it means I am rewarded more online. A few days ago $1 was worth about 0.57p but now when I checked it it has risen to 0.63p. It's definately a good thing to keep yourself up to date with the value of the dollar against the pound.
1 person likes this
• Singapore
25 Oct 08
hi metalchick, it is important to check on the exchange rate often since we are making money mostly US dollars or British pounds. So far, all the sites I work on online are in US dollar and as such, I'm more concerned with it. Thanks for your response!
@oderog (732)
• Kenya
24 Oct 08
At the moment I can look at this in two front. One is if I receive payment outside the country in dollars it is davantageous to me because the current exchange rate has gone up to $1 to Kshs 76. It is only to my disdavantage when buying something outside Kenya where I have to loose money because this banks are not giving fair deal when buying dollars, whareas in bereau dechange you will buy a dollar at $74, the bank will sell you the same dollar at 79 or even $80.
1 person likes this
• Singapore
25 Oct 08
You are right! That is why I'm holding back making any purchases online in US dollars. It's not a good time to buy stuff in US currency, so I will buy locally at the moment. What the bureau you are taking about? How come they can give you a better deal?
@Pose123 (21671)
• Canada
24 Oct 08
Hi SydneyHazelton, I live in Canada and just a couple of months ago, I was losing money, as our dollar was worth more than the American. Now our dollar is worth just over eighty cents American so it will now help me as well. It is bad if one is importing and good if we are exporting and that's what we are doing here. Blessings
1 person likes this
• Singapore
25 Oct 08
It all depends on what we do with our earnings online I guess. If we had intended to use the money to make purchases online, it's not going to be advantageous at all. But if we are going to convert to local currency, at least it can be used for some thing.
@sirrob (4112)
• Philippines
25 Oct 08
in some way it is and in some part it doesn't affect at all. just like my case, i work in a country where US dollar fall down is not greatly affected, so you can hardly felt any change at all. on the other side, since i came from the philippines, it is beneficial to me whenever i sent money to the philippines. i send less and they gonna get more there whereas before, i gonna send more and get the same. did i make any sense? oohhh btw, i remembered just now that you are from singapore. my sister started working in one of the bank (i think the name is shinsei along maritime square) there just last july.
• Singapore
25 Oct 08
Hi Sirrob I know what you mean. Isn't that better for you? Great to hear that your sister is here in Singapore. I do have more Philippino neighbours recently I noticed. Glad that they are here to contribute to our local economy as well as earn money for themselves. Welcome all of you!
@sirrob (4112)
• Philippines
25 Oct 08
definitely it is far better for me but that is hurting our local economy also. i really cannot tell which is beneficial. and for the info, it's actually Filipino when you are going to talk of people.
• Singapore
27 Oct 08
Thank you for highlighting my spelling mistake, won't want to offend anyone here at mylot. Really appreciate it.
@ronaldinu (12454)
• Malta
26 Oct 08
I have not checked it during this week. I have just checked xe.com and it says that 1USD = 0.787405 Euros. I am glad that your currency is doing good compared with us dollars. © ronaldinu 2008
• Singapore
27 Oct 08
It's great for me, I guess. But not so for the economy... Thank you for your response!
• India
25 Oct 08
hi i AM AN INDIAN.THE VALUE OF RUPEE HAS GONE RECORD BREAKING DOWNWARDS AND IT HAS REACHED AN ALL TIME LOW OF RS 50 AGAINST A USDOLLAR.BUT SOME EXPERIENCED SHARE HOLDERS SAY THAT WE HAVE TO BUY SHARES RIGHT NOW AS THEIR PRICE HAS DECREASED REASONABLY SO THAT THEIR VALUE CAN INCREASE AFTERWARDS.AND ALS A BLESSING IN DISGUISE THE PRICE OF PETROLEUM HAS DECREASED AND REASONABLY HAS DONE GOOD FOR US.SO THE VOLATILE TIME WILL BE GONE AFTER SOMETIME.
• Singapore
25 Oct 08
You are right. The economy goes in cycles and we need to take advantage of the times now if you do have extra money. by the way, fal, it's not nice to have written a post in all capital letters, you may accidentally offend some people. It's just net ettiquette. Don;t get me wrong, just trying to help
• Philippines
25 Oct 08
I'm from the Philippines and yes, exchange rate is an advantage for me and my family. My mom works overseas and she sends us dollars every month so it would only mean that we get relatively more. And since I have sidelines online then my earnings are a little higher. Yey. But I don't know if I should be completely happy about this. I don't know how it's going to affect my country as a whole.
• Singapore
25 Oct 08
HI divine, Glad someone is remitting money to you and you are gaining from it. Any earnings online do help me too, being a stay at home mom. It also does mean that the economy is not doing to great though and the prices of imports will increase.
• India
25 Oct 08
No i don't think so.
• Singapore
25 Oct 08
HI Kamesh, That's too bad.
@Shula101 (268)
• New Zealand
25 Oct 08
USD$1= NZD$1.70 Not much really =[
• Singapore
25 Oct 08
Hey thats better than ours US$1 = S$1.50
@mjmlagat (3171)
• Philippines
25 Oct 08
Hi there. I think our peso now is P48 against the US$. I believe that many overseas workers here in my country are pleased with that because it means more money for every dollar they earn abroad. It's not that advantageous for us who work locally though.
• Singapore
25 Oct 08
I know what you mean, mjmlagat! But I guess trying to make money online will be able to help you out. If you can have a job online, that would be great to have the money used in your home country. And you need not even go abroad.
@Shar1979 (2723)
• United States
25 Oct 08
I think it's like 47 pesos to a dollar in my home country Philippines. I wish it was like 56 pesos like it used to be. LOL prices in the Philippines are getting more expensive as well
• Singapore
25 Oct 08
Hi Shar, I know that things are getting so expensive. I'm trying to stick to locally made products instead of imported ones. BUt can't be helped, there are so many things we depend on other countries.
@jstmarfz (1499)
• United States
25 Oct 08
Honestly, for me it is. I am here in the states and sending some money to my family back in the Philippines. The last time I sent them money the rate of dollar in peso was only 45$. Now it raised to 47.60+ For Filipino working abroad and with the families in the Philippines it is really advantage because for the past few months or should I say years the rate of dollar in peso was really bad. The OFW benefits of the high dollar to peso exchange, but the Philippines are in a bad situation. But admit it or not even the dollar to peso exchange may be good or bad the Philippines are always in bad shape.
• Singapore
25 Oct 08
Hi jstmarfz, Sad to hear that the Philippines are in bad shape all the time. I have a mylot friend who tells me that teh amount of money she made in mylot can actually feed the entire family for days, that true? Glad that your family will benefit from a little more due to the exchange rate.
@suspenseful (40326)
• Canada
25 Oct 08
Our Canadian dollar is low so if I am going to buy something made in Canada or someplace with a lower exchange rate and I get paid by Paypal it is for our advantage. HOwever, if I want to buy something made in the States and get paid in Canadian dollars, it is a disadvantage.
• Singapore
25 Oct 08
Hi suspenseful, That is why I'm not intending to spend the money I made in Paypal to buy anything online. It's just not worth it. I'm sticking to locally-made products for now. I told my hubby the same too. He had wanted to get some guitar pedals online, said it's not available here in Singapore.
@nishdan01 (3055)
• Singapore
25 Oct 08
You are right. US currency has become stronger and thus the exchange rate. You know that I too is from Singapore and the exchange rate of our currency against US currency has soared. We can earn more by working harder. Best of Luck to you!
• Singapore
25 Oct 08
Hi Nishdan Yes, I remember you are from Singapore too. All the best to you too! We shall all make money together.
• South Africa
24 Oct 08
Hi there. I must admit that for me living in South Africa, the Rand/Dollar is to my advantage. I am looking forward to earning Dollars as the R/$ is now R9 to the $. I have read quit a few of the responses to your discussion and must say that basic commodities and essentials are also expensive in our country, so .......like they say......make hay while the sun shines !!
• Singapore
25 Oct 08
Hi sharon Although we can be earning a little bit more from the currency exchange rate, it will probably be offset by the rising commodity prices and other essentials. At least we can pay for a little bit more, even if it is just a little.
@sylvia13 (1851)
• Nelson Bay, Australia
24 Oct 08
I live in Europe and the Euro used to be strong against the US dollar a few months ago, but not anymore! It has been slowly going down and down, which is better for exporters, but not for real people like me!
• Singapore
25 Oct 08
Hi sylvia, I guess in this kind of situation there will be people who benefits and there will be people who don't. ALl the best to you and thank you for your rresponse!
@James72 (26832)
• Australia
24 Oct 08
At this moment in time the US rate is good for me but a month or so back it was really causing me some headaches. I get paid in US dollars and then convert to Australian dollars and at one stage the USD/AUD comparison was almost one to one! Now that the US dollar has strengthened it means that I too can get more bang for my buck on the exchange compared to before. I just hope that oil stays low per barrel so that it stays this way for some time.
• Singapore
25 Oct 08
Gosh! Where are you located now, James? I thought you were in Egypt? No? The oil price increase is a big problem here too. Just this month, our electricity tariff rose 21%, a killer! I can expect an increase in my utilities by about $20. Have to find ways to cut down on electricity.
@Sephrox (397)
• Brazil
24 Oct 08
I'm quite excited as well cause 1 US$ currently costs 2,31 R$ (Brazilian Real). That's quite a lot cause, 1 month ago, it was costing 1,61. Of course that prices of imported products will rise and i'm looking forward to buy one...
• Singapore
25 Oct 08
Wow! That's a big jump. It would be great if you could convert it to Brazilian Real and use it. I guess you are right. I'm trying to stick to local products for now.
• Philippines
24 Oct 08
Here in the Philippines US$ is now getting strong. And since I'm planning to buy a very important item in the net that has value in US$ I find it disavantage on my part. That's why I'm trying to be more active so I will earn a lot of dollar so I will not be needing to buy dollar which will cost me a lot for sure.
• Singapore
25 Oct 08
I agree, dhedows, My hubby wanted to buy some item on th enet using US dollars and I told him to hold on due to the volatility. It is to your advantage at this moment. Maybe you should wait awhile, unless the item is very important and you need it immediately.