Which Latin American Currencies Have Best Stood Up to the US Dollar in 2022?

Of the region’s countries competing at the Qatar 2022 World Cup, the Uruguayan peso and the Brazilian real are the currencies that have had the best performance in the region this year

Of the Latin American countries competing in the soccer final, Uruguay has had the best-performing currency against the US dollar this tear.
November 22, 2022 | 05:00 PM

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Montevideo — The Qatar 2022 World Cup means that, for a month, almost everything takes the shape of a ball. In one of the many parallels that arise in times of the World Cup, the positioning of the countries participating in the tournament in relation to different economic indices is a fairly frequent one.

And when taking into account the performance of local currencies against the dollar in 2022, four Latin American countries, Uruguay, Brazil, Costa Rica and Mexico, are at the top of the ranking among the 32 countries competing in Qatar.

Argentina, however, is in penultimate position when it comes to the performance of the peso against the dollar.

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The Uruguayan peso is the best performer against the dollar so far in 2022 among the currencies of the 32 countries competing in the Qatar 2022 FIFA World Cup, according to a ranking drawn up by Bloomberg. According to the ranking, with data to November 21, the Uruguayan peso has appreciated 12.76% against the US currency since the start of the year.


Among the countries taking part in the World Cup, the Brazilian real is in second place in the ranking. Brazil’s currency gained 6.97% to Monday, while the Costa Rican colon was in third place with 5.27% and the Mexican peso was in fourth place with 4.81%.

At the other end of the table is the Argentine peso, which has fallen 36.87% against the dollar so far this year, and is the penultimate currency with the worst performance when counting the countries participating in the World Cup, only ahead of the Ghanaian sedhi, which has lost 56% against the dollar in 2022.

Overall, the Argentine peso ranks 146th in the world in terms of performance.


Among Latin American competitors, the exception is Ecuador, which has a dollarized economy.

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The overall rankings

In the countries that make up the ranking prepared by Bloomberg, Uruguay ranks fifth behind the Russian ruble and the currencies of Armenia, Afghanistan and Georgia.

But none of these countries are competing in Qatar, so the Uruguayan peso is top of the podium among the qualified countries.

For its part, the Brazilian real is ninth in the overall table, behind the aforementioned currencies, the Tajikistan somoni, the Angolan kwanza and the Guinean franc. The Costa Rican colon is in the top 10.

The Mexican peso, meanwhile, ranks 12th overall. Between this currency and the Brazilian real, according to the performance indicator against the dollar, are the Costa Rican currency and the Dominican peso. Meanwhile, in 13th place is the Peruvian sol, whose national team was eliminated from Qatar 2022 in a penalty shootout against Australia.

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