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

 

[kit_hung]

The depreciation of a country's currency against the USD is something that happens frequently due to the global economy, government debt, inflation and interest rates. This can be stressful for people who rely on imported products or have international business dealings. One way to deal with it is to ensure that you diversify your spending and invest in assets that are not heavily dependent on a single currency. It's like the Chinese proverb that says don't put all your eggs in one basket, so diversification protects your assets.

 

[King Belieal]

Hold your savings in the United States dollar to keep the value of your funds when you want to use them. A currency that keeps falling against the USD would always be weakened.

 

[Trush Jodie]

Hold your savings in the United States dollar to keep the value of your funds when you want to use them. A currency that keeps falling against the USD would always be weakened.

It is easier to hold dollar stable coins in the the crypto market. The value of your funds would keep rising the more the local currency dips against the dollar.

 

[Augusta]

Invest in other currencies. Keep money in foreign saving accounts or CDs. Invest in foreign companies/stock exchanges that are traded in foreign currencies