What Should We Do If Local Currency Weakens Against USD?

[Suba]

Those of us who do not live in America and do not use USD as a medium of exchange, especially if we live in Asia and Africa which have local currencies, we often become worried if the value of the local currency falls against the USD. There are many causes that can cause the weakening of the local currency such as the influence of the global economy, government debt and inflation rates, interest rates, etc. So what do you think we should do if our local currency falls against the USD?

 

[Kera]

You have the option of switching your savings from the local currency and holding them in the United States dollars.

 

[Nomad]

You need to start working online and earn in USD, and base don your local exchange rate, your earning will be good

 

[Min George]

You need to start working online and earn in USD, and base don your local exchange rate, your earning will be good

How much can one even earn online from all these casual gigs? It still doesn't deflect the challenge of the dwindling local currency.

 

[magnus2022]

You have only one option and is to double your hustling. You can equally relocate to a favourable location and start afresh. We in third world countries are in serious economic crisis. We need to do more to survive

 

[Springtime]

Since Hong Kong dollar is pegged with US dollar, we do not have such problem here. But I still exchange some HK dollars to US dollars in case the pegged rate is changed.

 

[Nomad]

How much can one even earn online from all these casual gigs? It still doesn't deflect the challenge of the dwindling local currency.

If you do not have skills, your chances of earning online is zero. If you have professional skills, you can easily earn full time income, and when you earn in USD, your income will be higher if you are in Asia and Africa.

 

[Laurentta]

I think the best solution in this case is to make sure you earn in USD.

 

[Augusta]

it's to earn in dollars or invest in Precious metals like gold and silver. These are traditionally considered safe-haven assets and can be a good hedge against economic collapse