The dollar’s exchange rate will be a key factor in the pace of global economic recovery while domestic currencies will have a smaller impact as the world struggles to bounce back from the pandemic, according to a study by the IMF.
The findings come in a fund discussion note called “Dominant Currencies and External Adjustment”, which said that the US currency’s role in trade and finance would exacerbate the impact of coronavirus on the global economy.
Emerging markets currencies have seen their value plummet against the dollar during the pandemic, raising hopes that weaker exchange rates will make their exports more competitive and boost struggling economies.
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