The US dollar appreciated against most major currencies in May, with a few exceptions. Key highlights include the Russian ruble losing nearly 15% against the dollar due to falling oil prices and investment outflows. The Indian rupee also weakened over 5% versus the dollar amid a risk-averse global environment and high deficits. In contrast, the Japanese yen was the only major currency to gain versus the dollar in May as it is seen as a relatively safer currency. The document provides exchange rate data and forecasts for various currencies against the US dollar.

1. ™
DOLLAR WATCH
Monthly Dashboard of Exchange Rates
June 2012

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EXECUTIVE SUMMARY
The US Dollar appreciated against all major currencies in May, except against the Japanese Yen.
A few highlights:
1. The Russian Ruble lost nearly 15% in May owing particularly to falling oil prices and investment
outflows.
2. The Indian Rupee weakened further by 5.8% against the US dollar in May, amidst a risk-averse global
environment and high current and fiscal account deficits.
3. The Japanese Yen was the only major currency to appreciate against the USD in May; it is perceived
to be one of the safer currencies in the market.
2
TABLE OF CONTENTS
•BRIC Countries—page 3
•Europe—page 4
•Other Countries—page 5-6
•Forecasts—page 7
Source: Bloomberg, Corporate Executive Board Research
Note:
• Exchange rates are currency per USD.
• The percentage change indicates the
change in dollar value with respect to the
currency.
S.No. Currency April May Percentage Change
1 Brazil (Real) 1.89 2.04 8.07%
2 Russia (Rubles) 29.31 33.67 14.88%
3 India (Rupees) 52.54 55.59 5.79%
4 China (Yuan Renminbi) 6.31 6.37 0.95%
5 Euro Member Countries (Euro) 0.754 0.804 6.61%
6 United Kingdom (Pounds) 0.61 0.65 5.87%
7 Switzerland (Francs) 0.91 0.97 6.59%
8 Denmark (Kroner) 5.61 5.98 6.48%
9 Australia (Dollars) 0.96 1.03 7.95%
10 Mexico (Pesos) 12.97 14.31 10.37%
11 Canada (Dollars) 0.98 1.04 6.18%
12 Japan (Yen) 80.27 78.02 -2.80%
13 Colombia (Pesos) 1764.40 1830.63 3.75%
14 South Korea (Won) 1135.10 1177.83 3.76%
15 South Africa (Rand) 7.74 8.58 10.73%
16 Singapore (Dollars) 1.24 1.29 4.44%
Exchange Rate Change over the Previous Months

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2 Year Avg
29.96
25
26
27
28
29
30
31
32
33
34
35
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
2 Year Avg
47.41
40
42
44
46
48
50
52
54
56
58
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
3
EXCHANGE RATE (BRIC Countries)
In May, all BRIC currencies lost value against the USD. The Russian Ruble and the Brazilian Real depreciated the most - by 14.9% and 8.1%
respectively. The Indian Rupee followed suit by depreciating by 5.8% in the same period. The Chinese Yuan Renminbi lost 0.95%. However,
all four currencies are expected to appreciate in the coming quarters.
India
Indian Rupee per USD
Russia
Russian Ruble per USD
China
Chinese Yuan Renminbi per USD
Brazil
Brazilian Real per USD
Note: The percentage change indicates the change in the US Dollar value with respect to the currency.
Source: Bloomberg, Corporate
Executive Board Research
Spot Rates are as of 06/01/2012.
2 Year Avg
1.72
1.5
1.7
1.9
2.1
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 8.1%
Spot Rate: 2.04
Q2 2012: 1.95
Q3 2012: 1.90
Q4 2012: 1.88
Forecasts
% Chg (1 mth): 5.8%
Spot Rate: 55.59
Q2 2012: 53.50
Q3 2012: 53.50
Q4 2012: 52.00
Forecasts
% Chg (1 mth): 14.9%
Spot Rate: 33.67
Q2 2012: 30.79
Q3 2012: 30.60
Q4 2012: 30.10
Forecasts
2 Year Avg
6.50
6.0
6.2
6.4
6.6
6.8
7.0
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 0.95%
Spot Rate: 6.37
Q2 2012: 6.29
Q3 2012: 6.26
Q4 2012: 6.20
Forecasts

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4
EXCHANGE RATE (Europe)
Both the Euro and the Swiss Franc depreciated by 6.6% in May against the USD. The Danish Kroner lost 6.5% against the USD in the same
period along with the British Pound which lost 5.9%. All four currencies are expected to climb back in the coming three quarters.
United Kingdom
Great Britain Pound per USD
Switzerland
Swiss Franc per USD
Denmark
Danish Kroner per USD
Euro Member Countries
Euro per USD
Note: The percentage change indicates the change in the US Dollar value with respect to the currency.
Source: Bloomberg, Corporate
Executive Board Research
2 Year Avg
0.74
0.6
0.7
0.8
0.9
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 6.6%
Spot Rate: 0.80
Q2 2012: 0.78
Q3 2012: 0.79
Q4 2012: 0.79
Forecasts 2 Year Avg
0.63
0.55
0.60
0.65
0.70
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 5.9%
Spot Rate: 0.65
Q2 2012: 0.63
Q3 2012: 0.64
Q4 2012: 0.64
Forecasts
2 Year Avg
0.93
0.70
0.75
0.80
0.85
0.90
0.95
1.00
1.05
1.10
1.15
1.20
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 6.6%
Spot Rate: 0.97
Q2 2012: 0.95
Q3 2012: 0.95
Q4 2012: 0.96
Forecasts
2 Year Avg
5.52
4.9
5.1
5.3
5.5
5.7
5.9
6.1
6.3
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 6.5%
Spot Rate: 5.98
Q2 2012: 5.90
Q3 2012: 5.76
Q4 2012: 5.77
Forecasts
Spot Rates are as of 06/01/2012.

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5
EXCHANGE RATE (Other Countries)
The Canadian Dollar, Australian Dollar and Mexican Peso depreciated against the USD in May by 6.2%,7.9% and 10.4% respectively, but
are expected to appreciate back against the USD in the coming three quarters. The Japanese Yen appreciated by 2.8% in May but is expected
to depreciate in the next three quarters.
Mexico
Mexican Peso per USD
Japan
Japanese Yen per USD
Canada
Canadian Dollar per USD
Australia
Australian Dollar per USD
Note: The percentage change indicates the change in the US Dollar value with respect to the currency.
Source: Bloomberg, Corporate
Executive Board Research
2 Year Avg
1.00
0.80
0.85
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1.25
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 7.9%
Spot Rate: 1.03
Q2 2012: 1.00
Q3 2012: 1.00
Q4 2012: 0.99
Forecasts
2 Year Avg
12.64
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 10.4%
Spot Rate: 14.31
Q2 2012: 13.30
Q3 2012: 13.00
Q4 2012: 12.60
Forecasts
2 Year Avg
81.17
70.00
75.00
80.00
85.00
90.00
95.00
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): -2.8%
Spot Rate: 78.02
Q2 2012: 80.00
Q3 2012: 80.50
Q4 2012: 82.00
Forecasts
2 Year Avg
1.00
0.80
0.85
0.90
0.95
1.00
1.05
1.10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 6.2%
Spot Rate: 1.04
Q2 2012: 1.01
Q3 2012: 1.00
Q4 2012: 1.00
Forecasts
Spot Rates are as of 06/01/2012.

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EXCHANGE RATE (Other Countries)
All four currencies: the South African Rand, South Korean Won, Columbian Peso, and Singapore Dollar depreciated against the USD by
10.7%, 3.8%, 3.8%, and 4.4% respectively. However, in the coming three quarters all of them are forecasted to appreciate against the USD.
South Africa
South African Rand per USD
Columbia
Columbian Pesos per USD
Singapore
Singapore Dollar per USD
South Korea
South Korean Won per USD
Note: The percentage change indicates the change in the US Dollar value with respect to the currency.
Source: Bloomberg, Corporate
Executive Board Research
6
2 Year Avg
1130.04
1000
1050
1100
1150
1200
1250
1300
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 3.8%
Spot Rate: 1177.83
Q2 2012: 1142.00
Q3 2012: 1120.00
Q4 2012: 1100.00
Forecasts
2 Year Avg
7.73
5
6
6
7
7
8
8
9
9
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 10.7%
Spot Rate: 8.58
Q2 2012: 8.00
Q3 2012: 7.80
Q4 2012: 7.70
Forecasts
2 Year Avg
1837.07
1500
1550
1600
1650
1700
1750
1800
1850
1900
1950
2000
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 3.8%
Spot Rate: 1830.63
Q2 2012: 1800.00
Q3 2012: 1795.00
Q4 2012: 1800.00
Forecasts
2 Year Avg
1.28
1.1
1.2
1.3
1.4
1.5
1.6
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
% Chg (1 mth): 4.4%
Spot Rate: 1.29
Q2 2012: 1.25
Q3 2012: 1.24
Q4 2012: 1.22
Forecasts
Spot Rates are as of 06/01/2012.

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EXCHANGE RATE FORECAST
7
Note: Exchange Rates are currency per USD.
Country (Currency) Q2 2012 Q3 2012 Q4 2012
Brazil (Real) 1.95 1.90 1.88
Russia (Rubles) 30.79 30.60 30.10
India (Rupees) 53.50 53.50 52.00
China (Yuan Renminbi) 6.29 6.26 6.20
Euro Member Countries (Euro) 0.78 0.79 0.79
United Kingdom (Pounds) 0.63 0.64 0.64
Switzerland (Francs) 0.95 0.95 0.96
Denmark (Kroner) 5.90 5.76 5.77
Australia (Dollars) 1.00 1.00 0.99
Mexico (Pesos) 13.30 13.00 12.60
Canada (Dollars) 1.01 1.00 1.00
Japan (Yen) 80.00 80.50 82.00
Colombia (Pesos) 1800.0 1795.0 1800.0
South Korea (Won) 1142.0 1120.0 1100.0
South Africa (Rand) 8.00 7.80 7.70
Singapore (Dollars) 1.25 1.24 1.22
Exchange Rate Forecasts (Quarterly)

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™
The Quantitative Research Team has worked to ensure the accuracy of the information it
provides to the Corporate Executive Board members. This project relies upon data obtained from
many sources, however, and the Quantitative Research Team cannot guarantee the accuracy of
the information or its analysis in all cases. Furthermore, the Quantitative Research Team is not
engaged in rendering legal, accounting, or other professional services. Its projects should not be
construed as professional advice on any particular set of facts or circumstances. Members
requiring such services are advised to consult an appropriate professional. Neither Corporate
Executive Board nor its programs are responsible for any claims or losses that may arise from
any errors or omissions in their reports, whether caused by Corporate Executive Board or its
sources.
Professional Services Note
Mayank Prakash Senior Associate
David Lee Senior Analyst
Oleg Polishchuk Senior Director
Michael Griffin Executive Director