| Updated: The foreign exchange market, or forex for short, outpaces all other financial markets in terms of liquidity. According to the Bank for International Settlements (BIS), it reached a record daily trading volume of over $9.59 trillion in April 2025. Projections suggest the market will see further growth despite the negative impact of sociopolitical factors like the ongoing armed conflicts occurring in recent years.
There are currently 180 currencies in circulation across 195 countries. They combine to form around 2,500 currency pairs but a select few dominate the market in terms of demand, liquidity, and turnover. The EUR/USD pair reigns supreme, ranking first in daily trading volume (21.2% in April 2025) and market share, followed by other majors involving the US dollar.
Data cited throughout this report is drawn from the Bank for International Settlements (BIS) and the International Monetary Fund (IMF).
Key Findings
- The average daily turnover of the forex market peaked at $9.595 trillion in the spring of 2025, marking a 28% increase from 2022.
- The EUR/USD was the most traded currency pair in 2025, accounting for 21.2% of the average daily turnover of the market.
- The EUR/USD outstripped all currency pairs in terms of turnover, with a daily average of $2.03 trillion in 2025.
- The US dollar traded against the currencies of emerging economies (EME) like Brazil and South Africa accounted for 15.4% of average daily turnover in 2025.
- Each of the 10 most traded currency pairs in 2025 involved the US dollar, cementing its position as the world’s primary currency for international transactions.
- The USD was on one side of 89.2% of all over-the-counter forex trades in April 2025.
- The Argentine peso is the least traded currency in the world, accounting for a 0% share of the global market with a meager average daily turnover of $1 billion.
- The USD/HKD experienced the greatest surge in daily trading volume as its average turnover per day rose by 95% in 2025.
- Foreign exchange swaps accounted for 42% of total daily turnover averages in 2025, followed by spot forex transactions.
- The UK has the highest daily forex turnover with a 38% share of the overall currency trading volume.
- Over 56% of the world’s foreign exchange reserves are held in US dollars.
- Global forex reserves in US dollars hit $6.77 trillion in the second quarter of 2025.
- The Kuwaiti dinar is the currency with the highest value, whereas the Lebanese pound is the world’s weakest currency against the US dollar.
Data in this article is drawn from the following sources:
- Bank for International Settlements (BIS)
- International Monetary Fund (IMF)
- Madison Trust Company
- Google Finance
- Central Bank Reports
FX Pairs Ranked by Turnover and Share of Overall Trading Volume
Data compiled for the triennial survey conducted by the Bank for International Settlements (BIS) reveals the EUR/USD secured the largest market share in terms of average daily forex trading volume in April 2025. The world’s most liquid currency pair outpaced other leading majors with a 21.2% share of the average daily turnover of the forex market. The pair involves the currencies of the two largest economies globally – the United States and the European Union.
- USD/JPY Is Second Behind EUR/USD
The USD/JPY followed closely with a 14.3% share, followed by the USD/GBP with a 7.6% share. The US dollar, when traded against the currencies of emerging market economies (EME), accounted for 15.4% of the market’s average turnover per day.
The USD’s leading position is consistent with its status as the world’s primary reserve currency. For clarification, the EME group comprises 26 emerging currencies, including BRL, PLN, RON, TRY, HUF, and CZK.
- Least Traded Currency Pairs in the Top 20
The USD/NOK and USD/BRL were the least traded pairs on the top-20 list during this period, each accounting for a meager 0.9% of the average daily turnover. The EUR/CHF was also among the least traded pairs in the top 20 despite seeing a nominal increase of 0.1 percentage points to 1% from the previous survey period.
Leading FX Pairs Ranked by Share of Average Daily Trading Volume (April, 2025)
Source: Bank for International Settlements 2025 Survey
- EUR/USD Saw Nominal Decline in Market Share
Despite its indisputable market dominance, the EUR/USD suffered a minor decline: its share in the forex market dropped by 1.5 percentage points in April 2025. In the previous survey period, the pair had accounted for 22.7% of all daily forex transactions on average.
Increasing energy supply uncertainty and the rising energy prices as a result of the Russo-Ukrainian conflict are two possible explanations for this slight decline. In the meantime, the runner-up USD/JPY continued to perform solidly, witnessing an increase of 0.8 pp in average daily turnover, with its share rising from 13.5% in 2022 to 14.3% in 2025.
The share of the USD/GBP decreased by 1.9 pp, while that of the USD/CNY rose from 6.6% to 8.1% during this three-year period. The USD/CAD share decreased from 5.5% to 5.3% for a 0.2-pp decline.
Leading FX Pairs Ranked by Share of Average Daily Trading Volume (April, 2022)
Source: Bank for International Settlements 2022 Survey
- Average Daily FX Turnover Rose by 28% in 2025
The average daily trading volume of the forex market peaked at a record $9.595 trillion in April 2025 across all currency pairs traded over the counter. Total daily turnover increased by approximately 28% compared to the same period in 2022 when forex transaction volume stood at around $7.506 trillion. The primary reason for the rise was higher market volatility driven by geopolitical tensions, changes in central bank policies, and global economic uncertainty. All these factors significantly increased both speculative and risk-hedging activities in forex instruments like spot transactions and forwards.
- EUR/USD Daily Turnover Averaged $2.03 Trillion in 2025
Average Daily Turnover of Most Traded Currency Pairs (in bn USD)
Source: Bank for International Settlements 2022 and 2025 Triennial Surveys
As the graph above reveals, the relative ranking of the most traded currency pairs did not change significantly in 2025. As in previous years, the EUR/USD retained its dominance in the forex market, placing first in terms of average daily trading volume. Turnover in the EUR/USD reached $2.03 trillion per day in April 2025, up 18.7% from the previous survey period when it stood at around $1.71 trillion.
- USD/CNY Trading Volume Surged by 59%
Runner-up USD/JPY recorded a 35% increase in average daily trading volume from 2022 to 2025, reaching a turnover of $1.37 trillion. The USD/GBP recorded an average of $731 billion in turnover (↥2.4%), while the USD/CNY recorded $781 billion and the USD/CAD $505 billion in average daily turnover. Out of the twenty most heavily traded currency pairs in 2025, the USD/CNY and USD/HKD witnessed the most significant growth as trading in them soared by over 50% during this three-year period.
Other notable increases occurred in USD/SGD (↥27.2%), USD/CAD (↥23.2%), USD/CHF (↥59.4%), and USD/TWD (↥40.7%). Survey data indicates less traded pairs like USD/NOK experienced a period of stagnation in 2025. Daily turnover for USD/NOK only rose by 2.5%.
- USD/HKD Resurges with Significant Increase in Trading Volume
The most dramatic decline in trading volume was observed in USD/HKD whose average daily turnover sank by 15% between 2019 and 2022. Despite this downturn, the USD/HKD remained the 8th most traded currency pair globally, with an average daily turnover of $187 billion. Similar downswings in trading volume were observed in EUR/JPY (↧9.6%), USD/NZD (↧7.5%), EUR/CHF (↧6.8%), and USD/BRL (↧4.5%).
The period following this decline saw a significant reversal for USD/HKD, as its average daily trading turnover surged to $347 billion in 2025, causing its share of the global turnover to jump to 3.6% from 2.4% in 2022. The dramatic increase was primarily driven by the Hong Kong dollar repeatedly testing the weak side of its trading band against the US dollar. This forced the Hong Kong Monetary Authority (HKMA) to intervene heavily in the spot market to defend the peg. All data considered, nineteen of the twenty most heavily traded pairs exhibited increases in average daily turnover in 2025, with EUR/JPY being the sole exception.
Top 20 Most Traded Currencies by Market Share
The US dollar was officially crowned the world’s reserve currency in 1944 after the signing of the Bretton Woods Agreement in New Hampshire the same year. As a global reserve currency, the dollar is predominantly stable, stored in large quantities by central banks, and commonly used for international transactions.
- The USD – Undisputed King on the FX Scene
Considering its undisputed status as a global currency, it is unsurprising that the USD was involved in 17 of the 20 forex pairs with the highest average daily turnover in April 2025. The US dollar was on one side of 89.2% of forex trades during this period, reflecting a modest increase of 0.8 percentage points from the same month three years earlier.
- The EUR Suffers Decline in Market Share
The euro ranked as the second most traded individual currency regardless of pair, with a 28.9% share. However, its share of all forex trades declined by 1.7 pp from the previous BIS survey period. Third comes the yen as it participated in almost 17% of all forex trades, followed by the pound sterling with a 10% share and the yuan renminbi involved in 8.5% of all currency trades.
- The CNY Recorded Largest Market-Share Increase
While the yen remained practically unchanged from the previous survey period, the CNY registered the most dramatic growth in terms of market share. The renminbi recorded a 1.5 pp increase from April 2022, rising to an 8.5% share of all forex trades in April 2025 and retaining 5th place in the ranking.
- CAD Lost Ground in Terms of Share
The Canadian dollar and the Australian dollar also witnessed decreases from the previous survey period as their market shares dropped by 0.3 pp and 0.4 pp, respectively. Securing the position of the 9th most traded currency, the Hong Kong dollar saw a considerable increase in global turnover, with its share rising by over one percentage point in 2025. The Brazilian real and the Polish zloty ranked as the two least traded currencies in the top 20, respectively participating in 0.9% and 0.8% of all trades in the global forex market.
| Most Traded Currencies Ranked by Share of Average Daily Volume | |||
|---|---|---|---|
| Currency | April 2022 | April 2025 | Triennial Change (in pp*) |
| US Dollar (USD) | 88.40% | 89.20% | ↥0.8 pp |
| Euro (EUR) | 30.60% | 28.90% | ↧1.7 pp |
| Japanese Yen (JPY) | 16.70% | 16.80% | ↥0.1 pp |
| Pound Sterling (GBP) | 12.90% | 10.20% | ↧2.7 pp |
| Chinese Yuan (CNY) | 7.00% | 8.50% | ↥1.5 pp |
| Australian Dollar (AUD) | 6.40% | 6.10% | ↧0.3 pp |
| Canadian Dollar (CAD) | 6.20% | 5.80% | ↧0.4 pp |
| Swiss Franc (CHF) | 5.20% | 6.40% | ↥1.2 pp |
| Hong Kong Dollar (HKD) | 2.60% | 3.80% | ↥1.2 pp |
| Singapore Dollar (SGD) | 2.40% | 2.40% | 0.0 pp |
| Indian Rupee (INR) | 1.60% | 1.90% | ↥0.3 pp |
| South Korean Won (KRW) | 1.80% | 1.80% | 0.0 pp |
| Swedish Krona (SEK) | 2.20% | 1.60% | ↧0.6 pp |
| Mexican Peso (MXN) | 1.50% | 1.60% | ↥0.1 pp |
| Norwegian Krone (NOK) | 1.70% | 1.50% | ↧0.2 pp |
| New Zealand Dollar (NZD) | 1.70% | 1.50% | ↧0.2 pp |
| New Taiwan Dollar (TWD) | 1.10% | 1.20% | ↥0.1 pp |
| Brazilian Real (BRL) | 0.90% | 0.90% | 0.0 pp |
| South African Rand (ZAR) | 1.00% | 0.80% | ↧0.2 pp |
| Polish Zloty (PLN) | 0.70% | 0.80% | ↥0.1 pp |
*pp stands for percentage points. Source: Bank for International Settlements 2022 and 2025 Surveys
Top 20 Forex Currencies by Amount Traded
The US dollar reigns supreme over the OTC forex market as is to be expected from the world’s primary reserve currency. The USD outpaced all other currencies in terms of average daily turnover with $8.56 trillion ($8,560 billion) in April 2025. This represents approximately a 29% increase from the same period three years earlier when the average amount of USD traded daily stood at the still-impressive $6.64 trillion.
The euro placed second with $2.77 trillion in daily turnover on average, followed by the yen with $1.61 trillion and the sterling with $981 billion. The Hong Kong dollar exhibited the biggest growth across this metric. The daily turnover of forex transactions involving the HKD increased by nearly 89%, jumping from $194 billion in 2022 to $367 billion in 2025.
As the currency of the second biggest economy on the planet, the Chinese yuan plays a vital role in the global financial markets, recording $817 billion in daily turnover – a 55% increase. It is commonly traded against the currencies of other strong economies like the EU, the US, the UK, and Australia through majors and crosses like the EUR/CNY, USD/CNY, GBP/CNY, and AUD/CNY.
| Top 20 Currencies by Average Amount Traded per Day | |||
|---|---|---|---|
| Currency | April 2022 (in billion USD) | April 2025* (in billion USD) | Triennial Change (in %) |
| US Dollar (USD) | 6639 | 8560 | ↥28.9% |
| Euro (EUR) | 2292 | 2773 | ↥20.9% |
| Japanese Yen (JPY) | 1253 | 1610 | ↥28.4% |
| Pound Sterling (GBP) | 968 | 981 | ↥1.4% |
| Yuan Renminbi (CNY) | 526 | 817 | ↥55.3% |
| Australian Dollar (AUD) | 479 | 583 | ↥21.8% |
| Canadian Dollar (CAD) | 466 | 561 | ↥20.4% |
| Swiss Franc (CHF) | 390 | 612 | ↥56.9% |
| Hong Kong Dollar (HKD) | 194 | 367 | ↥89.4% |
| Singaporean Dollar (SGD) | 182 | 232 | ↥27.4% |
| Swedish Krona (SEK) | 168 | 155 | ↧7.6% |
| South Korean Won (KRW) | 142 | 171 | ↥20.3% |
| Norwegian Krone (NOK) | 125 | 124.7 | ↧0.5% |
| New Zealand Dollar (NZD) | 125 | 147 | ↥17.8% |
| Indian Rupee (INR) | 122 | 185 | ↥51.2% |
| Mexican Peso (MXN) | 114 | 153 | ↥34.2% |
| Taiwan New Dollar (TWD) | 83 | 116 | ↥40.2% |
| South African Rand (ZAR) | 73 | 78 | ↥7.6% |
| Brazilian Real (BRL) | 66 | 90 | ↥36.4% |
| Polish Zloty (PLN) | 54 | 74 | ↥36.6% |
Source: Bank for International Settlements
*The combined value of individual currency transactions is twice the total market turnover because every transaction involves two currencies.
As many as 17 of the 20 most traded currencies exhibited increases in average daily turnover, with the SEK and NOK being the sole exceptions to the positive trend. Out of the two, the Swedish krona declined more sharply, with its average trading volume per day sinking by almost 8% over this three-year period, dropping from $168 billion to $155 billion in April 2025.
How Are the Most Popular Currency Pairs Traded?
Forex swaps accounted for the largest share of all over-the-counter forex transactions, attracting 41.5% of the average daily turnover in 2025. With forex swaps, the parties involved in transactions agree to borrow one currency and lend another at the same time. This is different from currency swaps where counterparties privately agree to exchange two currencies at a predetermined price at a later date, as opposed to spot trading where transactions are settled immediately, i.e. “on the spot”.
Share of Different Instruments in Average Daily FX Turnover
Source: BIS 2025 Survey
Spot transactions secured the second place with a 30.8% share of the global forex turnover, representing an increase of 2.8 percentage points from the previous three years. Outright forwards placed third with a 19.2% share, followed by forex options with 6.6% and currency swaps with 1.8%. Here is a more detailed breakdown of the turnover each instrument generated.
| Average Daily Turnover Breakdown by Forex Instrument (in bn USD) | |||
|---|---|---|---|
| Instrument | April 2025 | April 2022 | Change |
| Forex Swaps | 3986 | 3810 | ↥4.6% |
| Spot Trades | 2957 | 2104 | ↥40.5% |
| Outright Forwards | 1847 | 1163 | ↥58.7% |
| Options | 364 | 304 | ↥108.4% |
| Currency Swaps | 172 | 124 | ↥38.7% |
Forex Swap Turnover of 10 Leading Currencies
Foreign exchange swaps accounted for nearly 42% of all over-the-counter currency transactions, with the ten most heavily traded currencies contributing most of the overall average trading volume for this instrument. The top performer across this metric is the world’s reserve currency, the US dollar, whose share of total forex swap turnover stood at 45.4% in 2022, but increased to over 90% in 2025.
Important Note: The figures in the chart below account for trading volume in both directions (long and short) as each forex trade involves two currencies (base and quote). As a result, the combined turnover of the ten leading currencies equals twice the overall reported turnover.
The US dollar generated $3.60 trillion in average daily swap turnover, out of a total market of $3.986 trillion. Swaps with a seven-day maturity or less accounted for nearly $2.5 trillion of the overall trading volume for this instrument. This indicates that short-term swaps remain the most popular option among market participants looking to hedge their risk and increase their forex liquidity.
With this instrument, traders are left with a long position in one currency in a pair and a short position in the second currency. By contrast, USD swaps with a maturity exceeding half a year accounted for $90.2 billion of the instrument’s total average turnover per day. As much as $2.05 trillion of the USD swap turnover passed through local and cross-border dealers, followed by financial institutions like banks and hedge funds, whose trading volume for the USD against all other currencies amounted to $1.44 trillion.
Non-financial market participants like retail traders, for instance, generated around $107 billion of the total average swap turnover per day. The euro ranked second with $1.16 trillion and a 29% share of the overall amount. The yen placed third with $660.1 billion, followed by the pound and the Chinese yuan with $472 billion and $365 billion, respectively.
Average Daily Turnover of FX Swaps in 2025, by Currency (in bn USD)
Source: BIS Triennial Survey Across 1,100 Banks Institutions from 52 jurisdictions (2025)
Spot Forex Transactions Turnover of 10 Leading Currencies
In April 2022, the ten most heavily traded currencies generated a combined average turnover of $3.741 trillion per day, accounting for approximately 88.9% of the overall trading volume from spot transactions on the forex market. This figure increased to $5.254 trillion in April 2025, accounting for 88.8% of the overall average spot turnover. For clarification, spot trading involves buying or selling currencies with immediate settlement and physical delivery in most cases.
The data below corresponds to the volume of each individual currency when traded against all other currencies. The US dollar held the largest share of the spot market with an average daily volume of $2.58 trillion. This represents around 43.6% of the overall turnover of spot transactions.
The euro placed second across this metric with a 14.2% share and $838 billion in average turnover per day as of April 2025. The yen, yuan, and sterling ranked third, fourth, and fifth, with $577 billion (9.7%), $277 billion (4.7%), and $269 billion (4.5%), respectively. The Singaporean dollar and Hong Kong dollar recorded lower daily averages as they generated an average of $77 billion and $97 billion in turnover per day for 1.3% and 1.6% shares of the overall trading volume of spot forex transactions.
Currencies’ Average Daily Turnover in Spot Transactions April 2025 (in bn USD)
Source: BIS Survey (2025)
Leading Currencies Turnover for Other Financial Instruments
The ten most traded currencies recorded combined daily averages of $317 billion for currency swaps, $3.1 trillion for outright forwards, and $1.17 trillion for options. Currency swaps are characterized by their longer maturity period compared to forwards and foreign exchange swaps, resulting in a lower daily trading volume for this instrument. Note that volumes in the chart below correspond to twice the reported turnover, as all forex trades involve two currencies.
When traded against all other currencies, the USD again led all other currencies as it exhibited daily averages of $1.65 trillion for outright forwards, nearly $163 billion for currency swaps, and $567 billion for options. The euro and the yen recorded the second highest trading volumes across these instruments, with a combined daily turnover of $777 billion and $373 billion, respectively.
The Singaporean dollar trailed behind all other currencies in the top 10 as it generated a turnover of nearly $55 billion in total. As many as $34.4 billion of this total came from outright forwards, followed by SGD options with $19.1 billion and currency swaps with $1.4 billion in turnover.
Average Daily Turnover of Top 10 Currencies for Other Instruments (in bn USD)
Source: BIS Triennial Survey Results (2025)
Major Currency Pairs Turnover by Instrument
Among individual forex majors, the EUR/USD outperformed other key pairs both in terms of total daily averages and turnover from individual instruments. The pair, which pitches the euro against the US dollar, recorded roughly $2.03 trillion in average daily turnover, with foreign exchange swaps accounting for the largest share (42.1%) of EUR/USD trading volume, totaling $856.7 billion.
This marks a 14.5% decrease from the previous survey period in 2022 when forex swaps for EUR/USD stood at $1.002 trillion. Increases from 2022 occurred in all other instruments involving the EUR/USD pair, including spot transactions (↥38.1%), outright forwards (↥87.4%), currency swaps (↥47.6%), and options (↥215.4%). This reflects the EUR/USD pair’s position as the primary cross between the world’s two largest economies.
The US dollar and the yen are among the most traded currencies globally, so understandably their pair recorded the second-highest turnover in all five instrument groups. Forex swaps in USD/JPY accounted for 43% of the pair’s overall daily turnover, rising by 23.7% from $475.6 billion in 2022 to $588.4 billion in 2025. The GBP/USD recorded lower daily averages than the USD/JPY across all five instrument categories.
The NZD/USD was the least traded among the seven major pairs, with daily averages of $46.3 billion for forex swaps (↧5.6% from 2022), $43.3 billion for spot transactions (↥47.5%), and $22.1 billion for outright forwards (↥80.5%). Options and currency swaps in the 14th most liquid pair accounted for a meager 5.2% of the NZD/USD daily turnover, with a combined volume of $6.11 billion.
| Daily Turnover Averages of Major Pairs in 2025 by Instrument (in bn USD) | ||||||
|---|---|---|---|---|---|---|
| Pair | Spot | Forwards | FX Swaps | Currency Swaps | Options | Total |
| EUR/USD | 578.2 | 359.7 | 856.7 | 46.04 | 192.6 | 2033 |
| USD/JPY | 480.4 | 180 | 588.4 | 34.1 | 89.1 | 1372 |
| GBP/USD | 189.6 | 142.4 | 362.8 | 15.4 | 20.8 | 731.1 |
| USD/CHF | 123.4 | 85.7 | 231.1 | 5.9 | 20.5 | 466.5 |
| AUD/USD | 154.6 | 86 | 189.5 | 7.9 | 29 | 466.9 |
| USD/CAD | 141.6 | 92.9 | 224.8 | 22.9 | 23 | 505.1 |
| NZD/USD | 43.3 | 22.1 | 46.3 | 0.59 | 5.5 | 117.9 |
Source: BIS Triennial Survey 2025
Countries with Highest Currency Trading Volumes
Survey data from BIS indicates that most of the average daily turnover in currency trading comes from major financial hubs with busy forex markets. Financial centers like the UK, USA, Hong Kong, and Singapore accounted for approximately three quarters of all forex trades in 2025. The UK held the largest share of the forex market, generating 37.8% of the total daily average turnover.
The country witnessed a decline of 0.3 percentage points from the previous survey period when its share stood at 38.1%. The US ranked second with an 18.6% share of the overall daily averages (down 0.8 pp from 2022), followed by Singapore (11.8%), Hong Kong (7%), and Japan (3.5%). Greece, Portugal, Argentina, Bulgaria, Romania, and Peru were the countries with the smallest contribution to the total average turnover per day, with shares of less than 0.1%. The average daily trading volume of these underperformers ranges from $1 billion to $4 billion.
Countries with Largest Shares of Average Daily Forex Turnover (April 2025)
Source: BIS Triennial Survey (2025)
Daily turnover averages in the countries with the largest shares remained relatively unchanged from the previous survey period. In 2025, the United Kingdom generated $4.75 trillion in average trading volume per day, placing first in the ranking. This figure marks a 26% increase from 2022 when the country’s turnover stood at $3.75 trillion.
The United States placed second in terms of daily turnover with an average of $2.34 trillion, up 22.1% from $1.91 trillion in 2022. During the latest triennial survey in April 2025, Singapore reported $1.49 trillion in average daily turnover, up 60% from $929 billion in 2022. Hong Kong and Japan also posted increases in 2025, reporting $883 billion and $440 billion, respectively. Check the graphic below for the full list of countries that made it to the top 10.
Top 10 Countries with Highest Daily Average for Currency Trading (in bn USD)
Source: BIS Triennial Surveys (2022 and 2025)
In 2025, the UK also led in EUR/USD turnover, with an average daily volume of $1.20 trillion per day – an 18% increase from 2022, when its EUR/USD turnover stood at $1.02 trillion. For comparison, EUR/USD generated an average daily turnover of $795 billion in April 2024 (down 22% from April 2022). The United States secured the second spot with $502 billion in average daily turnover for this pair, followed by Singapore with $161 billion, Germany with $159 billion, and France with $121 billion.
Seven countries in the top 10 exhibited increases in trading volume for the world’s most liquid currency pair, with Switzerland, Hong Kong, and the Netherlands being the exceptions. Germany witnessed the largest spike in EUR/USD turnover during this three-year period, with daily averages rising by 84.2% from $86.4 billion to $159.2 billion.
EUR/USD Daily Turnover Averages by Country (in bn USD)
Source: BIS Triennial Surveys (2022 and 2025)
Least Traded Forex Pairs and Currencies
The least traded currencies in the forex market are typically the national currencies of countries with emerging or underdeveloped economies like Bulgaria, Argentina, and Bahrain, as the chart below illustrates. Russia is one exception, as it is often grouped among either developed or developing countries depending on the classification parameters used.
Least Traded Currencies by Averages Daily Trading Volume in 2025 (in bn USD)
Source: Bank for International Settlements 2025 Survey
Each of these currencies accounts for zero percent in terms of total market share, hence the absence of this parameter in the chart above. BIS has grouped currencies with an even smaller average daily turnover in a separate category dubbed ‘other currencies’. The Argentine peso (ARS) and the Bahraini dinar top the list with a paltry OTC turnover of $1 billion each, followed by the Russian ruble (RUB) with $3 billion and the Bulgarian lev (BGN) with $4 billion.
The ringgit and the Colombian peso share the same average turnover of $20 billion per day, according to the BIS survey. The ruble is a special case, however, having suffered the most dramatic triennial decline of all ten currencies featured above – a direct consequence of the armed conflict between Russia and Ukraine.
The average daily turnover of the ruble dipped by 77%, plummeting from $13 billion in 2022 to a negligible $3 billion for the last BIS survey period. This outcome was expected given the broad sanctions imposed by NATO member states on the world’s largest country.
BIS stopped receiving data from Russian authorities at the end of February 2022, which also significantly impacted results for the ruble. By contrast, the ringgit and the Colombian peso saw increases in average daily turnover of 43% and 54% compared to 2022, each with a turnover of $20 billion.
Least Traded Forex Pairs by Average Daily Turnover (in bn USD)
Source: Bank for International Settlements 2022 and 2025 Triennial Surveys
Among specific currency pairs, crosses such as JPY/TRY, EUR/BGN, JPY/CHF, JPY/NZD, and JPY/CAD were the five least traded pairs based on average daily turnover. All of them combined accounted for less than 0.5% of the total trading volume in 2025. The yen against the Turkish lira had it worse as it not only stagnated during this three-year period but also attracted the lowest turnover ($2 billion) of the five. The yen against the Canadian dollar suffered a decline as its average daily turnover plummeted by around 10% over this triennial period.
Currencies with Largest Foreign Exchange Reserves
This section examines how major currencies compare in terms of foreign exchange reserves. Forex reserves consist of foreign currencies and other financial assets like gold owned by central banks and national monetary authorities. Countries use them to maintain financial stability and facilitate international trade, among other purposes.
- Over 56% of Global Forex Reserves Are Held in USD
Most countries worldwide hold their reserves in USD due to its enormous liquidity, although other strong currencies like the pound sterling, the euro, the yuan, and the yen are also used. Unsurprisingly, over 56% of the global forex reserves are held in the US dollar, followed by the euro with around 21.13%, the yen with 5.57%, and the sterling with 4.83%.
Leading Currencies by Share of Global Forex Reserves (Q2 2025)
Source: International Monetary Fund
- Global USD FX Reserves Amounted to $6.73 Trillion in Q2 2025
IMF data shows that foreign exchange reserves in the US dollar decreased from around $6.77 trillion in Q1 of 2025 to $6.73 trillion in Q2 of the same year. The dollar’s share of allocated reserves decreased by nearly 1.5 percentage point to 56.32% in the second quarter of 2025, down from 57.79%, primarily because other reserve currencies depreciated against it. Despite remaining the world’s dominant foreign exchange currency, the greenback has been experiencing a gradual downturn as its share in global forex reserves declined by more than 7 percentage points over the past twenty years.
Nearly all leading currencies saw increases in reserve claims, with the Canadian dollar exhibiting a 2.5% rise from Q1 to Q2 2025. The Swiss franc saw a nearly 8% drop. The franc remains the currency with the smallest share of allocated foreign exchange reserves ($19.54 billion in claims). The euro secured the second spot across this metric with $2.54 trillion in claims, followed by the yen with $670 billion and the pound sterling with $580 billion.
Allocated Foreign Exchange Reserves by Currency Q1/Q2 2025 (in bn USD)
Source: International Monetary Fund, Currency Composition of Official Foreign Exchange Reserves
Currencies with the Highest Nominal Value Against the USD
A currency’s nominal exchange rate against the dollar – how many dollars one unit of that currency purchases – is frequently mistaken for a measure of economic strength. The two are not the same. Nominal rates reflect how a currency was originally denominated and, in many cases, whether it is pegged to the dollar at a fixed administrative rate. The currencies in this section all trade at or above parity with the dollar, meaning one unit buys at least one US dollar. That makes them high nominal-value currencies, not necessarily stronger economies.
The Kuwaiti dinar (KWD) sits at the top of this list: one dinar buys approximately 3.24 US dollars at the time of publication. This high rate is sustained by Kuwait’s oil revenues and a managed peg to a currency basket – it is an administratively maintained rate, not a free-market signal of economic dominance over the dollar. The pound sterling (GBP) and Swiss franc (CHF) are different: both float freely, so their above-parity rates reflect genuine market demand rather than a policy decision.
Four of the ten currencies in this list come from oil-producing Middle Eastern economies – Kuwait, Bahrain, Oman, and Jordan – all of which peg their currency to the dollar or a dollar-heavy basket. Their elevated nominal rates are a product of exchange rate policy, not underlying economic power relative to the United States. The remaining entries – the pound sterling, Gibraltar pound, St. Helena pound, Cayman dollar, Swiss franc, and euro – reflect a mix of historical denomination conventions and, for the freely floating currencies, current market valuations.
| Currency | Exchange Rates* | Pegged to USD | |
|---|---|---|---|
| Kuwaiti Dinar (KWD) | 1 KWD = 3.24 USD | 1 USD = 0.31 KWD | Yes** |
| Bahraini Dinar (BHD) | 1 BHD = 2.65 USD | 1 USD = 0.38 BHD | Yes (since 1980) |
| Omani Rial (OMR) | 1 OMR = 2.60 USD | 1 USD = 0.38 OMR | Yes (since 1973) |
| Jordanian Dinar (JOD) | 1 JOD = 1.41 USD | 1 USD = 0.71 JOD | Yes (since 1995) |
| Pound Sterling (GBP) | 1 GBP = 1.29 USD | 1 USD = 0.77 GBP | No |
| Gibraltar Pound (GIP) | 1 GIP = 1.29 USD | 1 USD = 0.77 GIP | Yes (to GBP) |
| St. Helena Pound (SHP) | 1 SHP = 1.29 USD | 1 USD = 0.77 SHP | Yes (to GBP) |
| Cayman Dollar (KYD) | 1 KYD = 1.20 USD | 1 USD = 0.84 KYD | Yes (since 1974) |
| Swiss Franc (CHF) | 1 CHF = 1.13 USD | 1 USD = 0.88 CHF | No |
| Euro (EUR) | 1 EUR = 1.08 USD | 1 USD = 0.92 EUR | No |
*The exchange rates are accurate as of the time of writing. Minor fluctuations are possible over time.
**KWD is pegged to a basket of several currencies. Sources: Google Finance, Madison Trust Company
Currencies with the Lowest Nominal Value Against the USD
The currencies in this section trade at very low nominal rates against the dollar – in some cases, tens of thousands of units per dollar. It is important to separate two distinct situations that produce a low nominal exchange rate, because the table below already contains the data needed to tell them apart. The first is genuine monetary distress: sanctions, hyperinflation, fiscal collapse, or prolonged conflict have eroded a currency’s purchasing power over time. The second is denomination scale: a currency was issued in large unit quantities or has never been redenominated, giving it a low per-unit dollar value that does not reflect the health of the underlying economy. South Korea’s won, for example, trades at approximately 1,370 per dollar – yet South Korea ranks among the world’s top-15 economies by GDP. The won would appear on this list by nominal rate alone, which illustrates why nominal rate and economic health are separate measurements. The inflation column in the table below is the more reliable signal: currencies with single- or low-double-digit inflation in this section are low-denomination currencies, not distressed ones.
The Iranian rial (IRR) and Lebanese pound (LBP) fall clearly in the first category. The rial trades at approximately 42,100 per dollar against an annual inflation rate of 43.3% – a direct result of international sanctions, restricted oil revenues, and chronic fiscal imbalance. The LBP’s situation is more acute: Lebanon’s currency has lost approximately 98% of its value since a financial crisis in 2019, with the exchange rate now exceeding 89,500 LBP per dollar.
The Lebanese pound’s collapse was compounded by government debt accumulated during a civil war that lasted over twenty years and by the government’s failure to implement structural reforms in the years that followed. Both the rial and the pound are genuine cases of monetary distress.
The remaining currencies on the list – the Vietnamese dong (2.9% inflation), Indonesian rupiah (1.7% inflation), Sierra Leonean leone, Laotian kip, Uzbekistan som, and Guinean franc – have low nominal values primarily because of denomination scale and historical issuance conventions. Several of these countries have stable or moderately growing economies. Their presence on this list alongside the rial and pound is a function of how exchange rates are quoted, not evidence of comparable monetary dysfunction.
| Currency | Exchange Rates* | Inflation Rates (July 2025) | |
|---|---|---|---|
| Lebanese Pound (LBP) | 1 LBP = 0.000011 USD | 1 USD = 89,561 LBP | Data unavailable |
| Iranian Rial (IRR) | 1 IRR = 0.000024 USD | 1 USD = 42,100 IRR | 43.30% |
| Vietnamese Dong (VND) | 1 VND = 0.000039 USD | 1 USD = 25,620 VND | 2.90% |
| Sierra Leonean Leone (SLL) | 1 SSL = 0.000044 USD | 1 USD = 20,970 SLL | 12.90% |
| Laotian Kip (LAK) | 1 LAK = 0.000046 USD | 1 USD = 21,715 LAK | 9.40% |
| Indonesian Rupiah (IDR) | 1 IDR = 0.000063 USD | 1 USD = 15,906 IDR | 1.70% |
| Syrian Pound (SYP) | 1 SYP = 0.000080 USD | 1 USD = 13,002 SYP | Data unavailable |
| Uzbekistan Som (UZS) | 1 UZS = 0.000077 USD | 1 USD = 12,983 UZS | 8.80% |
| Guinean Franc (GNF) | 1 GNF = 0.00012 USD | 1 USD = 8,672 GNF | 3.50% |
*Exchange rates are listed for illustrative purposes and are subject to change. Sources: Google Finance, Madison Trust, International Monetary Fund (Inflation Rates)
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