Back to the trend of the day: Korea's money hits its strongest level against the dollar in two years (in Korean)

Poly Rating · from the trend of the day

Is the Korean Won Stronger Than the Dollar in 2026?

The won just hit its strongest level against the dollar in two years, yet its BIS trade-weighted index stood at 84.67 in July 2026, about 10% below October 2024.

No. 1: South Korean won
10 places
Current as of October 20, 2026, 05:10 EDT

01Final list

The leading AIs built their own top-ten lists independently. Above is one combined result that is easy to check: every place has a reason, the AIs that included it and, where the AIs gave one, a source.

Order: from most to least AI agreement.

A bright badge means this AI put the entry on its list. A dim badge means it did not.

1
South Korean won
Estimate: 1,328.1 per dollar is a two-year high, yet the BIS basket index fell 10% by July. Answers using the October spot rate get 11–15 points; matched July data gives 1.6.
Included it: Claude, Meta, Grok, Kimi, DeepSeek. Did not include: ChatGPT, Nemotron, Wenxin.
In their lists: Claude: 9 · Meta: 1 · Grok: 1 · Kimi: 1 · DeepSeek: 1
What each AI noted 5
- Claudeplace 9
  The won reached its strongest level in two years, but on a trade-weighted basis it is below its Oct 2024 level (-9.9% against -8.3% vs USD). The BIS index ends in July, so the October rally is not in it.
- Metaplace 1
  Dollar fell to 1,328.1 won at 3:30 pm Seoul, strongest in 2 years, yet NEER at 90.1 is still 11.1% below 2019 avg of 101.32
- Grokplace 1
  Won per dollar fell to 1,328 — strongest in two years — yet the BIS NEER remains near 89 (2020=100).
  Source ↗
- Kimiplace 1
  Up ~3.6% against the dollar in two years but DOWN ~10% against its own trade basket — a 13.5-point gap no headline quote shows.
  Source ↗
- DeepSeekplace 1
  The won is at a two-year high against the dollar, yet its trade-weighted value sits near a record low — the dollar quote tells almost the opposite story.
  Source ↗
5 AIs put it here
Source ↗
2
British pound
Up 2.6–2.9% against the dollar but flat (−0.1%) against its trade basket. The dollar quote shows a rise that the basket does not.
Included it: Claude, Meta, Kimi. Did not include: ChatGPT, Grok, Nemotron, DeepSeek, Wenxin.
In their lists: Claude: 4 · Meta: 6 · Kimi: 3
What each AI noted 3
- Claudeplace 4
  The pound is up 2.6% on the dollar, yet flat against its trade basket (-0.1%).
- Metaplace 6
  Pound 15.7% overvalued on Big Mac, but trade-weighted rise half that
- Kimiplace 3
  Up ~3% against the dollar, dead flat against its basket — a dollar-only read overstates the pound's two-year run.
3 AIs put it here
no source given
3
Euro
A 4.8% rise against the dollar shrinks to 2.5% against its trading partners, a 2.3-point gap. The ECB reference rate was 1.1225 on Oct 19, 2026.
Included it: Claude, Meta, Grok. Did not include: ChatGPT, Nemotron, Kimi, DeepSeek, Wenxin.
In their lists: Claude: 5 · Meta: 4 · Grok: 4
What each AI noted 3
- Claudeplace 5
  The euro's 4.8% rise against the dollar shrinks to 2.5% against its trading partners.
- Metaplace 4
  ECB reference 1.1225 USD per EUR on Oct 19 2026, up from ∼1.08 in 2024, but NEER up far less
  Source ↗
- Grokplace 4
  Euro near 1.12 vs the dollar while its effective rates have moved differently against the wider basket.
  Source ↗
3 AIs put it here
Source ↗
More about the top three ↓
4
Swedish krona
Up 8.4% on the dollar but only 4.6% on its trade basket from Oct 2024 to Jul 2026, a 3.8-point gap. Measured to September, Kimi gets 1.8.
Included it: Claude, Kimi. Did not include: ChatGPT, Meta, Grok, Nemotron, DeepSeek, Wenxin.
In their lists: Claude: 2 · Kimi: 6
What each AI noted 2
- Claudeplace 2
  The dollar quote shows +8.4%, but against its partners the krona rose only 4.6%.
- Kimiplace 6
  Up 6.4% versus the dollar, up only 4.6% versus its basket — the 2026 krona rebound is a dollar story as much as a krona story.
2 AIs put it here
no source given
5
Swiss franc
6.3% stronger against the dollar but only 3.2% stronger against its trade basket, a 3.1-point gap. Two answers agree on the BIS July reading of 121.80.
Included it: Claude, Kimi. Did not include: ChatGPT, Meta, Grok, Nemotron, DeepSeek, Wenxin.
In their lists: Claude: 3 · Kimi: see list
What each AI noted 2
- Claudeplace 3
  The franc looks 6.3% stronger against the dollar, but its trade-weighted gain is half that, 3.2%.
- Kimi
  Named differently in its own list: open the full list.
  see list
2 AIs put it here
no source given
6
Singapore dollar
Up 2.5% against the dollar but under 1% against the trade basket Singapore's central bank actually manages, about 1.7 points. The dollar figure runs to September.
Included it: Grok, Kimi. Did not include: Claude, ChatGPT, Meta, Nemotron, DeepSeek, Wenxin.
In their lists: Grok: 6 · Kimi: 7
What each AI noted 2
- Grokplace 6
  SGD has been more stable on a trade-weighted basis than the raw dollar pair suggests.
  Source ↗
- Kimiplace 7
  A managed, trade-weighted currency by design: +2.5% versus the dollar but under +1% versus the basket MAS actually targets.
2 AIs put it here
Source ↗
7
Mexican peso
The counter-example: +11.9% against the dollar and +11.5% against its basket, only 0.4 points apart. Here the dollar quote tells almost the whole story.
Included it: Meta, Kimi. Did not include: Claude, ChatGPT, Grok, Nemotron, DeepSeek, Wenxin.
In their lists: Meta: 9 · Kimi: 9
What each AI noted 2
- Metaplace 9
  Peso strong vs dollar on carry, but NEER up less as US weight dominates
  Source ↗
- Kimiplace 9
  A 12% dollar gain matched almost one-for-one by an 11.5% basket gain — when the dollar is the whole story, the headline tells it straight.
2 AIs put it here
Source ↗
8
Norwegian krone
The widest matched gap: +11.8% on the dollar against +7.5% on its trade basket, 4.3 points. Only one answer computed it, so it is kept out of the top three.
Included it: Claude. Did not include: ChatGPT, Meta, Grok, Nemotron, Kimi, DeepSeek, Wenxin.
In their lists: Claude: 1
What each AI noted 1
- Claudeplace 1
  It gained 11.8% on the dollar but only 7.5% on its trading partners, a 4.3-point gap that is the widest of the sixteen currencies I checked.
1 AIs put it here
no source given
9
Australian dollar
A 4.0% rise against the dollar becomes 2.4% against its trade basket, a 1.7-point gap.
Included it: Claude. Did not include: ChatGPT, Meta, Grok, Nemotron, Kimi, DeepSeek, Wenxin.
In their lists: Claude: 8
What each AI noted 1
- Claudeplace 8
  A 4.0% rise against the dollar becomes 2.4% on the trade basket, which is more modest.
1 AIs put it here
no source given
10
Brazilian real
Estimate: +10.9% on the dollar to September against +8.4% on its basket to July, about 2.5 points. One answer only, and the dates do not match.
Included it: Kimi. Did not include: Claude, ChatGPT, Meta, Grok, Nemotron, DeepSeek, Wenxin.
In their lists: Kimi: 4
What each AI noted 1
- Kimiplace 4
  The real's 11% dollar rally shrinks to 8.4% against its basket — and its REER (116.5) says the rally went further than trade partners confirm.
  Source ↗
1 AIs put it here
Source ↗

02More about the top three

The ranking is above. Here is more about the three places at the top: what they are, why they are here, and what is worth knowing.

The three are not measured on quite the same footing: the won's basket index ends in July while its dollar rate is from October, and the AIs' notes use different start points and bases.

1South Korean won

No. 1 — South Korean won. On the lists of 5 of 8 AIs; median place there: 1. The won shows the biggest split: up against the dollar, yet down about 10% against its trade basket, so the dollar quote hides the story.

Did you know

The won, Chinese yuan and Japanese yen all come from the same source: the Spanish-American silver dollar. The old word "won" means "round," which describes the shape of that coin.
Source ↗

What it is: South Korea's currency, which just hit a two-year high against the dollar.
Its edge: Its dollar gain and basket loss point in opposite directions, the widest gap of the three.
Who should know: Useful for anyone reading headlines about a 'strong' currency and wondering what they really mean.

Dollar quote vs trade basket~3.6% up vs USD, ~10% down

Wikipedia · Wikidata

Did you know

The 50,000 won note was the first Korean banknote with a woman's portrait. It caused some fuss because its colour and number look similar to the 5,000 won note. A planned 100,000 won note was cancelled over controversy about its image.
Source ↗

History

In 1997, trouble rolling over short-term foreign debt helped push Korea into a currency crisis, and the won plunged. On December 4, the IMF approved a three-year rescue program worth $21 billion. — (voice only)
Source ↗

Keep in mind

The won is moved a lot by money leaving Korea, such as investors buying foreign assets. Reports tie its weakness to those outflows, so its dollar price can swing fast.
Source ↗
A weak won raises prices at home. The Bank of Korea's governor said it fuels inflation and widens the gap between richer and poorer households.
Source ↗

Where to go further

Open the BIS effective exchange rate page and download the broad nominal index. Find Korea and look at its two-year trend. It tracks the won against many trading partners, not just the dollar.
Source ↗

Video: How the Nationalists Won the Spanish Civil War (ft. History w/Hilbert) | Animated History · The Armchair Historian

Compare the top three ↓

2British pound

No. 2 — British pound. On the lists of 3 of 8 AIs; median place there: 4. The pound looks up about 3% against the dollar but is flat against its trade basket, so a dollar-only view overstates its rise.

Did you know

Sterling is the world's oldest currency in continuous use. It began under King Offa of Mercia (757–796), who cut a Tower pound of silver into 240 coins. The coins' weights varied, so 240 seldom made a full pound.
Source ↗

What it is: The United Kingdom's currency, called sterling.
Its edge: Its gain against the dollar disappears against its trading partners, a smaller gap than the won's.
Who should know: Useful for anyone who sees a rising pound-dollar rate and assumes the pound is broadly stronger.

Dollar quote vs trade basket+2.6% vs USD, -0.1% basket

Wikipedia · Wikidata

Did you know

The Bank of England does not issue banknotes in Scotland. Private banks like the Bank of Scotland and Clydesdale Bank do, and the Bank of England regulates them. Bank of Scotland was the first bank in Europe to issue its own paper money.
Source ↗

History

On September 16, 1992, after a wave of currency speculation, Britain suspended its pound’s membership in the European Exchange Rate Mechanism. The day became known as Black Wednesday. — (voice only)
Source ↗

Keep in mind

The same note says the pound's recent weakness is largely a dollar story, so a dollar quote alone can mislead about the pound.
Source ↗
Analysts at Ebury say the pound's risks around the UK budget lean downward. A disappointing budget could hit government bonds and sterling together.
Source ↗

What people say

Many worry that political developments could trigger a major sell-off in gilts and the pound next year, — Andrew Wishart, Berenberg
Source ↗

Where to go further

Open the Bank of England's daily spot rates page and check pound against dollar. Start with the 52-week high and low it shows. The Bank says these rates are not official, so use them for a quick look.
Source ↗

Video: British Money Explained - Great British Pound Sterling · English Like A Native

Compare the top three ↓

3Euro

No. 3 — Euro. On the lists of 3 of 8 AIs; median place there: 4. The euro's 4.8% rise against the dollar shrinks to 2.5% against its trading partners, a smaller gap than the other two.

Did you know

Nobody knows for sure who designed the € sign. A team of four experts made it, and their names were never released. One Belgian newspaper credits Alain Billiet. The official idea is the Greek letter epsilon, with two parallel lines for stability.
Source ↗

What it is: The shared currency of much of the European Union.
Its edge: It keeps a real gain on both measures, with the smallest gap between them.
Who should know: Useful for anyone who wants to see how much of a dollar-based move is real against many partners.

Dollar quote vs trade basket+4.8% vs USD, +2.5% basket

Wikipedia · Wikidata

Why it is here

The ECB reference rate was 1.1225 US dollars per euro on 19 October 2026. That is the dollar-side figure behind the ranking’s comparison with the euro’s more modest broad-basket change. — (voice only)
Source ↗

Did you know

When the euro sign first arrived, computers handled it badly. Apple used a generic currency sign (¤) in its place, and Microsoft put the euro at code 80 in Windows-1252, so documents often broke when sent between systems.
Source ↗

History

In July 2012, as fears grew that the euro area could break apart, ECB President Mario Draghi pledged to do “whatever it takes” to preserve the euro. The ECB later said the pledge and its bond-buying plan marked a turning point. — (voice only)
Source ↗

Keep in mind

A stronger euro is not only good news. The article says it could push inflation below the ECB's target, and tariffs plus weaker foreign demand could hurt exports.
Source ↗
Forecasts differ. Amundi does not expect the euro to break above 1.25 per dollar, and it names a return of Fed rate hikes as a risk that would bring back dollar strength.
Source ↗

What people say

A firmer currency and more risk-averse markets could further dampen demand — Warsaw Business Journal
Source ↗

Where to go further

Open the ECB euro reference rates page and find the US dollar line. Rates are published around 16:00 CET on working days. The ECB says they are for information only, not for trading.
Source ↗

Video: The History of Europe: Every Year · Cottereau

Compare the top three ↓

The top three side by side

	South Korean won	British pound	Euro
In the AIs' lists	5 / 8	3 / 8	3 / 8
Dollar quote vs trade basket	~3.6% up vs USD, ~10% down	+2.6% vs USD, -0.1% basket	+4.8% vs USD, +2.5% basket
Put first by	Meta, Grok, Kimi, DeepSeek	—	—

Places with the same number of AIs are ordered by their average place in the AIs' own lists.

03Worth knowing

What the AIs noticed while building the list.

In January 2026 the won's BIS index was 86.56, the fifth lowest of 64 currencies. Only Argentina, Turkey, Japan and India were lower.

Noticed by:

Included it: DeepSeek. Did not include: Claude, ChatGPT, Meta, Grok, Nemotron, Kimi, Wenxin.

Source ↗

100 yen fell to about 836 won during trading, the cheapest yen against the won in nearly 19 years. This helps explain why the won's gain on the dollar does not lift its basket.

Noticed by:

Included it: Meta, Kimi, DeepSeek. Did not include: Claude, ChatGPT, Grok, Nemotron, Wenxin.

Source ↗

04Questions people ask

Is the Korean won stronger than the dollar?

No. One dollar still bought 1,328.1 won at the Seoul close on Oct 20, 2026. That is the won's strongest level in two years, not parity.

Source ↗

What is the yen exchange rate?

About 158 yen per US dollar on Oct 20, 2026 (Trading Economics: 158.115), roughly 5% weaker for the yen than two years earlier.

Source ↗

What is the yen exchange rate today?

Around 158.1 yen per dollar on Oct 20, 2026. In Seoul, 100 yen bought about 840 won at the close, with an intraday low of 835.86.

Source ↗

What is the current yen exchange rate, and why do sources differ?

Sources differ because they use different timestamps. The September 2026 monthly average was about 156.4 yen per dollar, while intraday quotes on Oct 20 were near 158.

05How we counted

In plain words, no formulas.

1The question

Top 10 Currencies Whose Rise Against the Dollar Tells Only Half the Story

2Why this topic

The reader can see whether a currency's headline rise against the dollar is broad strength or mostly a weaker dollar, which neither the dollar quote nor the BIS index shows alone.

3Where it applies

Global (major currencies and Asian export currencies)

4What we looked at

Percent change against the US dollar over the past two years, measured on the same dates for every currency
Percent change against a trade-weighted basket of trading partners over the same two years (BIS nominal effective exchange rate)
The gap between those two changes, in percentage points. This sets the order: the bigger the gap, the more the dollar quote misstates the currency's overall strength
Shown for context, not used to rank: the move against the main regional neighbour, such as won per 100 yen
Bank for International Settlements, broad nominal effective exchange rate (via FRED) — Each currency against a trade-weighted basket of about 65 economies, monthly, 2020=100. The latest month is July
Federal Reserve H.10 bilateral rates (via FRED) — Monthly average rate against the US dollar, taken over the same months as the BIS index.
Bank for International Settlements, effective exchange rate indices — The original publisher of the broad and narrow baskets. BIS says the level of the index alone does not show over- or undervaluatio
SBS / Seoul market close, won per 100 yen — The regional cross rate, shown for context and not used for the order.

5Who ranked

The leading AIs, each building its own list of ten independently and naming a source for every place: Claude, ChatGPT, Meta, Grok, Nemotron, Kimi, DeepSeek, Wenxin.

6How the places were set

The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.

06Each AI's own list

🇺🇸 Claude10 places

The same question, answered by Claude alone. The final list above combines all the AIs.

1
Norwegian krone
It gained 11.8% on the dollar but only 7.5% on its trading partners, a 4.3-point gap that is the widest of the sixteen currencies I checked.
2
Swedish krona
The dollar quote shows +8.4%, but against its partners the krona rose only 4.6%.
3
Swiss franc
The franc looks 6.3% stronger against the dollar, but its trade-weighted gain is half that, 3.2%.
4
British pound
The pound is up 2.6% on the dollar, yet flat against its trade basket (-0.1%).
5
Euro
The euro's 4.8% rise against the dollar shrinks to 2.5% against its trading partners.
6
Japanese yen
The yen lost 7.7% against the dollar but 9.8% on its trade basket. The dollar quote understates the fall, and the yen index sits near 68 on its 2020 base.
7
New Zealand dollar
The kiwi fell 4.8% on the dollar, and the fall against its trading partners was larger at 6.6%.
8
Australian dollar
A 4.0% rise against the dollar becomes 2.4% on the trade basket, which is more modest.
9
South Korean won
The won reached its strongest level in two years, but on a trade-weighted basis it is below its Oct 2024 level (-9.9% against -8.3% vs USD). The BIS index ends in July, so the October rally is not in it.
10
Indian rupee
The rupee has fallen 12.4% on the dollar and 14.0% on its trade basket, with a 1.6-point gap similar to the won's.

🇺🇸 Meta10 places · 2 notes

The same question, answered by Meta alone. The final list above combines all the AIs.

1
South Korean Won (KRW) 2024-2026
Dollar fell to 1,328.1 won at 3:30 pm Seoul, strongest in 2 years, yet NEER at 90.1 is still 11.1% below 2019 avg of 101.32
2
Japanese Yen (JPY) 2024-2026
USD/JPY barely moved from 149.611 to 149.32494 in two years, but BIS NEER at 70.13 shows basket collapse
Source ↗
3
New Taiwan Dollar (TWD) 2024-2026
Big Mac NT$78 = $2.42 second-cheapest globally, yet BIS NEER 100.74 in Jan 2025 near long-run 100
4
Euro (EUR) 2024-2026
ECB reference 1.1225 USD per EUR on Oct 19 2026, up from ∼1.08 in 2024, but NEER up far less
Source ↗
5
Swiss Franc (CHF) 2024-2026
Most expensive Big Mac $9.08 is +48.4% above US $6.12, yet NEER only modestly above 100
6
British Pound (GBP) 2024-2026
Pound 15.7% overvalued on Big Mac, but trade-weighted rise half that
7
Chinese Yuan (CNY) 2024-2026
Yuan Big Mac $3.66 undervalued 40.2% but NEER near 100 after BIS revision
8
Thai Baht (THB) 2024-2026
Baht +6% vs USD in 2 years but NEER flat, tourism weight drags
Source ↗
9
Mexican Peso (MXN) 2024-2026
Peso strong vs dollar on carry, but NEER up less as US weight dominates
Source ↗
10
Indian Rupee (INR) 2024-2026
Rupee Big Mac proxy 58.9% undervalued, yet NEER near 2010=100 stable

What Meta noticed

Taiwan NEER was 100.74 in Jan 2025 and 101.04 in Dec 2024, almost exactly long-run 100, while Big Mac says -59.6% cheap

Source ↗

Japan BIS NEER 70.13 on Sep 8 2026 vs 69.94 prior, near 50-year low, while USD/JPY 149.61 to 149.32 barely moved

Source ↗

🇺🇸 Grok10 places · 3 notes

The same question, answered by Grok alone. The final list above combines all the AIs.

1
South Korean won 2026
Won per dollar fell to 1,328 — strongest in two years — yet the BIS NEER remains near 89 (2020=100).
Source ↗
2
Japanese yen 2026
Yen sits near 158 per dollar while BIS REER/NEER readings remain in the low-to-mid 60s–70s versus 100.
Source ↗
3
Chinese yuan 2026
Yuan has held relatively steady vs the dollar while its NEER sits above 110.
4
Euro 2026
Euro near 1.12 vs the dollar while its effective rates have moved differently against the wider basket.
Source ↗
5
Taiwan dollar 2026
NEER and REER have held firmer than many Asian peers despite dollar moves.
Source ↗
6
Singapore dollar 2026
SGD has been more stable on a trade-weighted basis than the raw dollar pair suggests.
Source ↗
7
Thai baht 2026
Baht’s dollar moves have diverged from its regional trade-weighted path.
Source ↗
8
Malaysian ringgit 2026
Ringgit’s recent dollar strength is only part of the trade-weighted picture.
Source ↗
9
Indonesian rupiah 2026
Rupiah weakness vs the dollar coexists with its own effective-rate trajectory.
Source ↗
10
Indian rupee 2026
Rupee has depreciated vs the dollar while its trade-weighted index tells a more nuanced story.
Source ↗

What Grok noticed

The Korean won’s two-year high vs the dollar (around 1,328) coincides with a still-sub-90 BIS NEER, showing the dollar pair alone can overstate overall strength.

Source ↗

Japan’s yen remains near multi-decade effective-rate lows even as the USD/JPY rate fluctuates around 158.

Source ↗

Semiconductor export surpluses have supported the won’s recent dollar gains more than pure dollar weakness.

Source ↗

🇨🇳 Kimi10 places · 1 notes

The same question, answered by Kimi alone. The final list above combines all the AIs.

1
South Korean won (KRW)
Up ~3.6% against the dollar in two years but DOWN ~10% against its own trade basket — a 13.5-point gap no headline quote shows.
Source ↗
2
Japanese yen (JPY)
The dollar says the yen fell 5.4% in two years; its trading partners say nearly 10% — the dollar quote flatters the yen.
Source ↗
3
British pound (GBP)
Up ~3% against the dollar, dead flat against its basket — a dollar-only read overstates the pound's two-year run.
4
Brazilian real (BRL)
The real's 11% dollar rally shrinks to 8.4% against its basket — and its REER (116.5) says the rally went further than trade partners confirm.
Source ↗
5
Indian rupee (INR)
Down 12% against the dollar but 14% against its basket — the dollar actually understates how far the rupee has slid.
6
Swedish krona (SEK)
Up 6.4% versus the dollar, up only 4.6% versus its basket — the 2026 krona rebound is a dollar story as much as a krona story.
7
Singapore dollar (SGD)
A managed, trade-weighted currency by design: +2.5% versus the dollar but under +1% versus the basket MAS actually targets.
8
New Taiwan dollar (TWD)
Flat versus the dollar and flat versus its basket — but with a 5-point intraperiod swing in between that both headlines missed.
9
Mexican peso (MXN)
A 12% dollar gain matched almost one-for-one by an 11.5% basket gain — when the dollar is the whole story, the headline tells it straight.
10
Chinese yuan (CNY)
The tightest fit in the ranking: +5.2% versus the dollar, +5.0% versus the basket — the yuan moved with its partners, not against them.

What Kimi noticed

Method matters: NEER levels (2020=100) cannot say a currency is over- or undervalued — BIS itself warns the index only tracks competitiveness changes, which is why this ranking measures the gap between two moves, not the level.

Source ↗

🇨🇳 DeepSeek10 places · 2 notes

The same question, answered by DeepSeek alone. The final list above combines all the AIs.

1
South Korean won (KRW)
The won is at a two-year high against the dollar, yet its trade-weighted value sits near a record low — the dollar quote tells almost the opposite story.
Source ↗
2
Japanese yen (JPY)
The yen is the weakest major currency on the BIS trade-weighted gauge, at a level not seen since the floating-rate era began in 1973.
3
Chinese yuan (CNY)
The yuan looks stable against the dollar but its NEER has climbed to the highest since 2022, meaning it has strengthened far more against the dollar’s trading partners than the headline pair suggests.
Source ↗
4
New Taiwan dollar (TWD)
Taiwan’s currency is deeply undervalued on the Big Mac gauge (−59.6%) but sits close to fair value on the BIS REER (97.77) — a 60-point disagreement.
5
Mexican peso (MXN)
The peso is one of the most overvalued currencies on the BIS REER (139.78) while the Big Mac index calls it fairly valued (+0.8%) — a 39-point gap.
Source ↗
6
Brazilian real (BRL)
The real is overvalued on the BIS REER (118.89) but undervalued by 27.3% on the Big Mac — the two gauges point in opposite directions.
Source ↗
7
Swiss franc (CHF)
The franc is the most overvalued currency on the Big Mac index (+45.4%) yet its BIS REER is almost exactly at its long-run average (100.65).
8
Euro (EUR)
The euro is 15.3% overvalued on the Big Mac and its REER is above 100, but the two measures agree more than they disagree.
Source ↗
9
British pound (GBP)
Sterling is 15.7% overvalued on the Big Mac and its REER (112.04) is also above 100, so the two gauges largely agree.
Source ↗
10
Indian rupee (INR)
The rupee is deeply undervalued on the Big Mac (−58.9%) and below 100 on the BIS REER (90.65), but the magnitude of the two signals differs by about 32 points.
Source ↗

What DeepSeek noticed

The won’s NEER of 86.56 in January 2026 was the fifth lowest among 64 currencies, behind only Argentina, Turkey, Japan and India — a reminder that a two-year high against the dollar can coexist with near-record weakness on a trade-weighted basis.

Source ↗

Taiwan’s REER has stayed above Korea’s for 59 consecutive months, a gap that reflects different central-bank tolerances for currency weakness rather than a simple dollar story.

Source ↗

01Final list

South Korean won

British pound

Euro

Swedish krona

Swiss franc

Singapore dollar

Mexican peso

Norwegian krone

Australian dollar

Brazilian real

02More about the top three

1South Korean won

Did you know

2British pound

Did you know

3Euro

Did you know

The top three side by side

More ratings

03Worth knowing

04Questions people ask

05How we counted

1The question

2Why this topic

3Where it applies

4What we looked at

5Who ranked

6How the places were set

06Each AI's own list

What Meta noticed

What Grok noticed

What Kimi noticed

What DeepSeek noticed