Currency codes and how they appear in forex symbols

What a currency code is

A currency code is a short, standard label for a currency. Banks, payment systems and trading platforms use the same codes so that nobody confuses, for example, the Pakistani rupee with the Indian rupee.

The codes come from an international standard published by ISO, the International Organization for Standardization. Each code is made of capital letters:

• The first two letters usually identify the country or territory.
• The last letter usually comes from the name of the currency.

So the PKR code is PK (Pakistan) + R (rupee), and the USD code is US (United States) + D (dollar).

Common codes Pakistani readers see

The euro is an exception to the country rule. EU is not a single country, but the code follows the same pattern.

How codes form forex currency symbols

A currency pair joins two codes. The first is the base currency and the second is the quote currency. The price tells you how much of the quote currency buys a unit of the base currency.

• EURUSD: the price of a euro in US dollars.
• USDPKR: the price of a US dollar in Pakistani rupees.
• GBPJPY: the price of a pound in Japanese yen.

Some websites write pairs with a slash (EUR/USD), while trading platforms usually join the codes (EURUSD). Brokers sometimes add letters after the symbol to mark an account type or contract version. These suffixes are not part of the ISO code. Check the contract specification on your platform for their meaning.

For more on reading pairs, see Currency pairs and Cross rates.

Special codes: XAU, XAG and CNH

Codes starting with X

The standard reserves codes that begin with X for units that do not belong to a single country. The ones traders meet most often are:

• XAU: gold, priced per troy ounce
• XAG: silver, priced per troy ounce
• XPT: platinum
• XPD: palladium
• XDR: the IMF Special Drawing Right, a reserve asset rather than a traded currency

So XAUUSD is the price of a troy ounce of gold in US dollars. See Metals and Gold.

CNH, the offshore yuan

CNY is the official ISO code for the Chinese yuan traded inside mainland China. CNH is a market convention, not an ISO code. It marks yuan traded outside the mainland, mainly in Hong Kong. Both are the same currency, but they trade in separate markets and their rates can differ. Forex platforms usually quote USDCNH.

Index and commodity names are not currency codes

Symbols such as US100, NAS100 or US30 are names for stock index CFDs (contracts for difference, which track a price without you owning the asset). They are not ISO codes.

Precise points for experienced readers

• Numeric codes. The standard also gives each currency a numeric code. Some banking and card systems use it instead of the letters.
• Minor units. The standard records how many decimal places each currency uses. This affects how prices and amounts are rounded, for example in JPY pairs. See Pips, points, pipettes.
• Code changes. When a currency is redenominated or replaced, it gets a new code. Old codes can still appear in historical data.
• Official rates. For the PKR rates published by the State Bank of Pakistan, see SBP exchange rates.

A code tells you what you are trading, not the risk involved. Leveraged forex and CFD trading can lose money fast.

Frequent questions

What is the currency code for the Pakistani rupee?

PKR. The US dollar is USD, so the dollar–rupee pair is written USDPKR or USD/PKR.

Why does gold have a currency code?

The standard gives precious metals X-codes so they can be priced and settled like currencies. Gold is XAU, from the Latin word aurum.

Is CNH an official ISO code?

No. CNY is the ISO code. CNH is a market label for offshore yuan.

Does the order of codes in a pair matter?

Yes. EURUSD and USDEUR show the same exchange rate from opposite sides, so their prices differ. Platforms quote the market-standard order.

Where can I find other trading terms?

See the Trading glossary and Trading basics.