Biggest Currency Movers – May 2025: Winners and Losers in the FX Market
Which currencies surged or sank in May 2025? From the strengthening Taiwan Dollar to the sliding Romanian Leu, we break down the biggest FX movers and the global events driving them.
As of mid-May 2025, several currencies have experienced significant fluctuations, influenced by geopolitical events, central bank policies, and economic indicators. Here’s an overview of the most notable movers:
📊 Biggest Currency Movers – May 2025
Here’s a snapshot of the currencies that gained or lost the most value in May, along with the main factors driving those movements:
| Currency | Direction | Movement | Key Driver |
|---|---|---|---|
| Taiwan Dollar (TWD) | 📈 Up | +6% | Trade speculation with the U.S. |
| Swiss Franc (CHF) | 📈 Up | +8% (since April) | Safe-haven demand |
| Ghanaian Cedi (GHS) | 📈 Up | 13.15 → 12.40 | Central bank intervention |
| Romanian Leu (RON) | 📉 Down | -3% | Political uncertainty |
| Indian Rupee (INR) | 📉 Down | 85.27 → 85.36 | Dollar demand, regional tension |
| Kenyan Shilling (KES) | 📉 Down | Moderate | Rising FX demand |
| Nigerian Naira (NGN) | 📉 Down | Moderate | Rising FX demand |
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📈 Top Currency Gainers – May 2025
1. Taiwan Dollar (TWD)
• Movement: Surged over 6% in early May
• Drivers: Speculation about currency appreciation to support trade negotiations with the U.S. 
2. Swiss Franc (CHF)
• Movement: Appreciated nearly 8% since early April
• Drivers: Safe-haven demand amid global uncertainties and U.S. policy shifts  
3. Ghanaian Cedi (GHS)
• Movement: Strengthened from 13.15 to 12.40 per USD
• Drivers: Strong foreign exchange inflows and central bank interventions 
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📉 Top Currency Decliners – May 2025
1. Romanian Leu (RON)
• Movement: Dropped nearly 3% in a week
• Drivers: Political instability ahead of elections and central bank interventions  
2. Indian Rupee (INR)
• Movement: Weakened from 85.27 to 85.36 per USD
• Drivers: Increased dollar demand and regional geopolitical tensions 
3. Kenyan Shilling (KES) & Nigerian Naira (NGN)
• Movement: Facing downward pressure
• Drivers: Rising importer demand for foreign exchange 
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🔍 Key Factors Influencing Currency Movements
• Geopolitical Events: Political uncertainties and conflicts have led to currency volatility in several regions.
• Central Bank Policies: Interest rate decisions and interventions have significantly impacted currency strengths. 
• Trade Dynamics: Negotiations and agreements, especially involving major economies, have influenced currency valuations.
• Economic Indicators: Inflation rates, fiscal deficits, and economic growth figures continue to play crucial roles in currency performance.
For live rates and historical trends, check our Currency Exchange Rates hub.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.