People readily associate the currency pound to United Kingdom. But, it is also being used by its Crown Dependencies and fourteen British Overseas Territories. To specifically refer to the currency being used in the United Kingdom, it is more appropriate to call it pound sterling, symbolized by £, with ISO code, GBP. One sterling pound is equivalent to one hundred pence. The exchange rate of pounds to dollars changes on a daily basis. Although the daily difference of the value of GBP against US dollar (USD) is usually minor, the appreciation of sterling significantly affects the economy.
GBP is currently ranked fourth on the most traded currencies; US dollar, Euro, Japanese yen, pound sterling and Australian dollar, respectively. United Kingdom’s pound value against other currencies such as Euro constantly fluctuates relative to the forces of supply and demand. This is because of the floating exchange rate system with which the United Kingdom operates on. This results to the constant change on the exchange rate of pounds to dollars every single day.
To illustrate these changes, from June 7th to 11th of 2010, GBP’s rate to dollar was 0.689523, 0.693393, 0.687677, 0.685098 and 0.683846. On June 8th, GBP recorded its highest value for the year. On the other hand, GBP had its lowest exchange rate record for the year on November 4th at 0.61489 to a dollar. From November 1st to November 5th, GBP’s exchange rate was 0.622397, 0.624126, 0.621022, 0.61489 and 0.616231 respectively.
If you wish to convert your pounds to dollars, it’s best to consult the current foreign exchange rate first. For your convenience, you can use a currency calculator or a converter where you simple need to input the amount you want to convert and it will be automatically calculated for you. You can also check current exchange rates in newspapers. To calculate manually, divide the amount in pounds (to want to convert) to the current exchange rate. The result will give you the amount of your money in dollars. For example, if the current rate of 1 USD is 0.628654052 pounds and you want to convert your 100 pounds to US dollars. 100 GBP divided by 0.628654052 will give you 159.07 USD.