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Value of currency and cost of burger in India, world

Last updated on: February 5, 2013 09:47 IST

Value of currency and cost of burger in India, world

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The Indian rupee is the world's most undervalued currency, according to The Economist's latest Big Mac Index. The rupee is valued at 61.8 per cent below its 'actual' price against the dollar, it says.

The price of Big Mac burgers of McDonald's is considered for the index for the reason of the presence of fast-food chain across most of the countries and the magazine calls this theory 'burgernomics'. The Economist's index is based on purchasing-power parity so in the long term, exchange rates should adjust to equal the price of a basket of goods and services in different countries.

The index calculates the purchasing power of different currencies by finding out the cost of a McDonald's burger across the globe.

Source: The Economist

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Image: A Burger King restaurant in Annandale, Virginia.
Photographs: Kevin Lamarque/Reuters

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India

The Indian rupee is the most undervalued currency in the world. It is undervalued by 61.8 per cent compared to the US dollar.

Cost of a burger: $1.67 (Rupee 89.00)

Raw index: Undervalued by 61.8 per cent

Actual exchange rate: 53.40

Overall rank: 45

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Image: A shopping mall in Gurgaon.
Photographs: Adnan Abidi/Reuters
Tags: India , US

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Venezuela

The Venezuelan Bolivar is the most overvalued currency in the world. It is overvalued by 107.9 per cent compared to the US dollar.

Cost of a burger: $9.08 (Bolivar 39.00)

Raw index: Overvalued by 107.9 per cent

Actual exchange rate: 4.29

Overall rank: 1

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Image: People have a drink at 360, a three-tiered rooftop bar, in Caracas.
Photographs: Jorge Silva/Reuters
Tags: , Bolivar , Venezuela , India , US

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Norway

The Norway's Kroner is the second-most overvalued currency in the world. It is overvalued by 79.6 per cent compared to the US dollar.

Cost of a burger: $7.84 (Kroner 43.00)

Raw index: Overvalued by 79.6 per cent

Actual exchange rate: 5.48

Overall rank: 2

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Image: Shoppers walk along Karl Johans Gate, the main shopping street in Oslo.
Photographs: Suzanne Plunkett/Reuters

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Sweden

The Sweden's Krona is the third-most overvalued currency in the world. It is overvalued by 74.5 per cent compared to the US dollar.

Cost of a burger: $7.62 (SKr 48.40)

Raw index: Overvalued by 74.5 per cent

Actual exchange rate: 6.35

Overall rank: 3

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Image: A view of Stockholm.
Photographs: Ints Kalnins/Reuters
Tags: , Sweden , India , US

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Switzerland

Cost of a burger: $7.12 (SFr 6.50)

Raw index: Overvalued by 63.1 per cent

Actual exchange rate: 0.91

Overall rank: 4

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Image: Zurich's main shopping street Bahnhofstrasse.
Photographs: Arnd Wiegmann/Reuters
Tags: , Switzerland , India

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Brazil

Cost of a burger: $5.64 (Real 11.25)

Raw index: Overvalued by 29.2 per cent

Actual exchange rate: 1.99

Overall rank: 5

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Image: A view of Refice, northeast Brazil.
Photographs: Bruno Domingos/Reuters
Tags: , India

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Uruguay

Cost of a burger: $5.45 (Peso 105.00)

Raw index: Overvalued by 24.7 per cent

Actual exchange rate: 19.28

Overall rank: 6

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Image: Residents enjoy the weather on an unseasonably hot day at the Montevideo's waterfront.
Photographs: Andres Stapff/Reuters
Tags: , India

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Canada

Cost of a burger: $5.39 (C$5.41)

Raw index: Overvalued by 23.5 per cent

Actual exchange rate: 1.00

Overall rank: 7

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Image: A worker cleans away snow around the Centennial Flame on Parliament Hill in Ottawa.
Photographs: Christopher Pike/Reuters

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Denmark

Cost of a burger: $5.18 (DK 28.50)

Raw index: Overvalued by 18.7 per cent

Actual exchange rate: 5.50

Overall rank: 8

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Image: Nyhavn canal, part of the Copenhagen Harbor and home to many bars and restaurants.
Photographs: Teis Hald Jensen/Reuters
Tags: , Denmark , India

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Australia

Cost of a burger: $4.90 (A$4.70)

Raw index: Overvalued by 12.2 per cent

Actual exchange rate: 0.96

Overall rank: 9

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Image: Shoppers at an outdoor shopping mall in Melbourne.
Photographs: Mick Tsikas/Reuters
Tags: , India , Australia

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Colombia

Cost of a burger: $4.85 (Peso 8600.00)

Raw index: Overvalued by 11.1 per cent

Actual exchange rate: 1773.17

Overall rank: 10

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Image: A couple chat as they drink coffee at Juan Valdes cafe in Bogota.
Photographs: Fredy Builes/Reuters
Tags: , India , Colombia

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Turkey

Cost of a burger: $4.78 (Lira 8.45)

Raw index: Overvalued by 9.4 per cent

Actual exchange rate: 1.77

Overall rank: 11

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Image: Istanbul's financial district.
Photographs: Murad Sezer/Reuters
Tags: , Turkey , India

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Costa Rica

Cost of a burger: $4.39 (Colones 2200.00)

Raw index: Overvalued by 0.6 per cent

Actual exchange rate: 500.83

Overall rank: 12

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Image: A sculpture called 'The cow pigeon' is displayed as part of the Cow Parade art festival in San Jose.
Photographs: Juan Carlos Ulate/Reuters

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The United States

Cost of a burger: $4.37 ($4.37)

Raw index: Overvalued by 0.0 per cent

Actual exchange rate: 1.00

Overall rank: 13

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Image: Michelle Madrid waits for her burger in Hollywood, California.
Photographs: Mario Anzuoni/Reuters

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Chile

Cost of a burger: $4.35 (Peso 2050.00)

Raw index: Undervalued by 0.5 per cent

Actual exchange rate: 471.75

Overall rank: 14

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Image: A view of Santiago City.
Photographs: Victor Ruiz Caballero/Reuters
Tags: , India

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New Zealand

Cost of a burger: $4.32 (NZ$5.20)

Raw index: Undervalued by 1.0 per cent

Actual exchange rate: 1.20

Overall rank: 15

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Image: People cross a street after rainfall in central Auckland.
Photographs: Stefan Wermuth/Reuters
Tags: , India

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The United Kingdom

Cost of a burger: $4.25 (2.69 pounds)

Raw index: Undervalued by 2.7 per cent

Actual exchange rate: 0.63

Overall rank: 16

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Image: Pedestrians walk along Oxford street, London.
Photographs: Paul Hackett/Reuters

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Israel

Cost of a burger: $4.00 (Shekel 14.90)

Raw index: Undervalued by 8.4 per cent

Actual exchange rate: 3.72

Overall rank: 17

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Image: People walk past a cafe in Tel Aviv.
Photographs: Sharon Perry/Reuters
Tags: , Shekel , Israel , India

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Peru

Cost of a burger: $3.91 (Sol 10.00)

Raw index: Undervalued by 10.5 per cent

Actual exchange rate: 2.56

Overall rank: 18

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Image: Tourists take pictures of the San Francisco Monastery in downtown Lima.
Photographs: Enrique Castro-Mendivil/Reuters
Tags: , Peru , India

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Argentina

Cost of a burger: $3.82 (Peso 19.00)

Raw index: Undervalued by 12.6 per cent

Actual exchange rate: 4.98

Overall rank: 19

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Image: Overview of Buenos Aires' 9 de Julio Avenue with the Obelisk in the background.
Photographs: Enrique Marcarian/Reuters
Tags: , India , Argentina

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Hungary

Cost of a burger: $3.82 (Forint 830.00)

Raw index: Undervalued by 12.6 per cent

Actual exchange rate: 217.47

Overall rank: 20

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Image: A view of Budapest.
Photographs: Bernadett Szabo/Reuters
Tags: , Forint , Hungary , India

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The Czech Republic

Cost of a burger: $3.72 (Koruna 70.33)

Raw index: Undervalued by 14.8 per cent

Actual exchange rate: 18.89

Overall rank: 21

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Image: People slide down a snow covered Petrin hill in Prague.
Photographs: David W Cerny/Reuters

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Singapore

Cost of a burger: $3.64 (S$4.50)

Raw index: Undervalued by 16.6 per cent

Actual exchange rate: 1.23

Overall rank: 22

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Image: Marina Bay Sands hotel and ArtScience Museum in Singapore.
Photographs: Matthew Lee/Reuters
Tags: , India , Singapore

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Japan

Cost of a burger: $3.51 (320.00 Yen)

Raw index: Undervalued by 19.5 per cent

Actual exchange rate: 91.06

Overall rank: 23

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Image: A woman works next to a sale sign at a shopping district in Tokyo.
Photographs: Toru Hanai/Reuters
Tags: , India , Japan

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South Korea

Cost of a burger: $3.41 (Won 3700.00)

Raw index: Undervalued by 22.0 per cent

Actual exchange rate: 1085.47

Overall rank: 24

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Image: Part of Gangnam area is seen down the Han River in Seoul.
Photographs: Lee Jae-Won/Reuters
Tags: , South Korea , India

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Latvia

Cost of a burger: $3.28 (Lats 1.69)

Raw index: Undervalued by 24.9 per cent

Actual exchange rate: 0.52

Overall rank: 25

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Image: A view of Old City in Riga.
Photographs: Ints Kalnins/Reuters
Tags: , India , Latvia

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The United Arab Emirates

Cost of a burger: $3.27 (Dirhams 12.00)

Raw index: Undervalued by 25.2 per cent

Actual exchange rate: 3.67

Overall rank: 26

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Image: Sheikh Zayed Road in Dubai.
Photographs: Mosab Omar/Reuters

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Lithuania

Cost of a burger: $3.07 (Litas 7.80)

Raw index: Undervalued by 29.8 per cent

Actual exchange rate: 2.54

Overall rank: 27


Image: A man drives a city resident in a Velomobile outside the cathedral in Vilnius.
Photographs: Liutauras Strimaitis/Reuters

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Poland

Cost of a burger: $2.94 (Zloty 9.10)

Raw index: Undervalued by 32.6 per cent

Actual exchange rate: 3.09

Overall rank: 28


Image: A view of Warsaw.
Photographs: Peter Andrews/Reuters
Tags: Poland , India

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