Infograph: Best-Performing Currencies Against Dollar

Taarek Refaat

As the US dollar faces mounting pressure from shifting global capital flows and divergent monetary policies, a handful of currencies have emerged as unexpected winners in 2025, delivering strong gains against the greenback.

Topping the list is the Russian rouble, which has recorded the strongest performance among tracked currencies this year, surging 44.2% against the dollar, according to Bloomberg data. The rouble’s rally has been underpinned by strict capital controls, elevated interest rates, and sustained export revenues, even as Russia remains largely isolated from Western financial markets.

Close behind is the Ghanaian cedi, which has risen 40.5%, marking a dramatic turnaround after years of volatility. The rebound reflects tighter fiscal discipline, improved foreign exchange liquidity, and renewed investor confidence following reforms agreed with international lenders.

The Congolese franc ranks third, gaining 27.6%, supported by stronger commodity exports and improved external balances. Its performance highlights the growing influence of resource-linked currencies in a year marked by resilient demand for critical minerals.

Several other currencies have also posted notable gains. The Zambian kwacha has benefited from copper price stability and debt restructuring progress, while the Hungarian forint and Swedish krona have drawn support from relatively hawkish monetary stances compared with the US Federal Reserve. Emerging-market currencies such as the Paraguayan guaraní, Tajikistani somoni, Czech koruna, and Colombian peso round out the list of top performers.

Together, these moves underscore a broader trend in 2025: the dollar’s dominance is being challenged not just by major economies, but by smaller and frontier markets leveraging policy discipline, commodities, and local reforms to attract capital. While sustainability remains an open question, this year’s currency leaderboard reflects a more fragmented, and competitive, global foreign-exchange landscape.