Question
What is an example of a foreign currency in the world today, that can be exchanged for U.S. dollars? And describe at least one country
What is an example of a foreign currency in the world today, that can be exchanged for U.S. dollars? And describe at least one country where that currency is being used as money now.
please, describe a specific example (one local product price) of how the currency you've identified is being used today as money in the particular (foreign) country that you are describing.
this is an example.
An example of a foreign currency in the world today, that can be exchanged for US dollars, is the Russian Ruble. One country that is currently using this currency is Russia. Russia is very large country, and they had been using the ruble as their currency since the 14th century, but in 1998, they redenominated the ruble and one new ruble (RUB) equaled 1000 old rubles (RUR). One US dollar is equal to 78.50 Russian Rubles in the current day. The Russian Ruble is also used in some small recognized states like Abkhazia, and South Ossetia and are utilized there as well. It is even used in some Ukrainian regions such as Donetsk and Luhanks, which are actually very close to the city where I was born.
A local product price I chose to describe is in Russia and it is a normal Combo Meal at McDonalds, something that most of us are familiar with here in the United States. The price of a Combo Meal there is 250 Russian rubles which is equivalent to about 3.18 US dollars. This seems like a great deal to us, as for in Washington the average meal is McDonalds is about 7 dollars, but this means that the salaries of people there are probably rationed differently than ours, just like salaries across the US are different which causes the price of the commodities of those states to fluctuate with those salaries, like house prices, groceries and even your regular McDonalds meal.
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