HOW ARE INTERNATIONAL EXCHANGE RATE SET?
A floating rate is determined by the open market through supply and demand on global currency markets.
"Leveling the playing field" in all currencies does not mean they will all be the same price.
Therefore, if the demand for the currency is high, the value will increase. If demand is low, this will drive that currency price lower.
https://www.investopedia.com/ask/answers/forex/how-forex-exchange-rates-set.asp#:~:text=A%20floating%20rate%20is%20determined,drive%20that%20currency%20price%20lower.
