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The purpose of the Big Mac index is to calculate an implied exchange rate between two currencies. In order to calculate the Big Mac index, the price of a Big Mac in a foreign country (in the foreign country's currency) is divided by the price of Big Mac in a base country (in the base country's currency). [9]
Much of this medium-term variation in the exchange rate has been attributed to differences in interest rates. [citation needed] The New Zealand dollar is among the 10 most-traded currencies. [4] On 11 June 2007 the Reserve Bank sold an unknown worth of New Zealand dollars for nine billion USD in an attempt to drive down its value. This is the ...
Its currency, the pound sterling, is the fourth most-traded currency in the foreign exchange market and the world's fourth-largest reserve currency (after the United States dollar, euro, and yen). [262] Sterling was the 2nd best-performing G10 currency against the dollar in 2023 with a gain of about 5%, with only the Swiss franc performing better.