It is no news that currency has different values and exchange rates all across the globe. Understanding the value of a dollar outside of the United States is one of the best ways to gain perspective on the economy and how far money can be stretched based on where you are currently located.
Current Exchange Rates
As of December, 2013, 1 US dollar is worth 0.73 Euros, 0.61 British Pounds or 61.799 Indian Rupees. Australian Dollars are worth 1.109 and Canadian Dollars are $1.06 to each American US dollar.
What Can You Buy in America for $1
In the United States, it is possible to get everything from a McDonald’s Premium Roast Coffee, a 14.5 OZ can of vegetable medley or 125 Styrofoam plates all for just $1 US Dollar. Additionally, a box of crayons, 20. sq. ft of gift wrap, a bag of cat litter, a newspaper and even a lottery ticket can be purchased for just $1. You can also buy multiple legal pads, a 6 pack of 16.9 oz bottled water, a box of tissues, bandages and antibacterial spray for $1 in the United States.
Spending $1 Around the World
In the United Kingdom, it is possible to get the latest copy of The Sun newspaper for just $1. You can spend $1 in Austria to get a freshly-baked Kornspitz, or 3 cans of baked beans from Belgium. In Kenya, you can get yourself 8 cups of milk for $1, or 1 dozen eggs in Bangladesh. In Vietnam, a $1 can purchase as many as 3 pairs of flip flop sandals, which is a fraction of the retail cost of flip flops found in other countries worldwide. Shopping in Russia with $1 will get you 1kg of fresh apples, or 3 ice cream cones in Peru. If you have a sweet tooth, visiting Columbia and spending $1 will get you a cup of coffee along with 2 cookies.
Understanding the value of a dollar globally and how money is spent in different countries is a way to learn more about the state of the economy from anywhere in the world to compare your living situation to others.