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The U.S dollar is the most dominant currency globally, used for international trade, investment, and financial transactions. It became the world's ruling currency after World War II when representatives from 44 countries met in Bretton Woods, establishing the U.S dollar as the world's Reserve currency. Under the Bretton Woods system, other currencies were pegged to the U.S dollar at a fixed exchange rate, backed by a gold exchange standard where the U.S government promised to exchange U.S dollars for gold at a fixed rate of 35 Oz per ounce.
