The Australian dollar emerged as one of the star currencies of 2009 as the southern hemisphere country benefited from a relatively robust economic performance compared with many of its peers, noted Denmark’s Saxo Bank.

John Hardy, a forex strategist for the bank, noted that the Australian dollar was the strongest currency in 2009, rising about 20 per cent against the yen and dollar, as the Australian economy rode relatively strongly through the financial turmoil and as the higher Australian interest rates buoyed the currency.

Saxo, along with firms such as Barclays Stockbrokers, enables private client investors to bet on moves in forex markets. Once a preserve of professional traders such as hedge funds, currency trading is becoming increasingly accessible to private investors, although individuals must be mindful of the risks, such as the ability of currency markets to move very rapidly.

The US dollar has been generally weak this year, although its status as the globe's reserve currency - which at times has been called into doubt - saw the trade-weighted US dollar index rise to almost 90 in March, but has since fallen to around 78.

The index is a measure of the dollar's value against a basket of six of the world's most important currencies, such as the euro, Swiss franc and Japanese yen.

Also, due to the dollar's general weakness, all of those currencies for which rates are pegged to the greenback were dragged down, most importantly the Chinese currency, the renminbi, the bank noted.

Of the more liquid so-called emerging market currencies, the Russian ruble fell about 3.75 per cent on the year, due to an inferior comeback in the energy market and oil revenues relative to the very high prices seen for much of 2008 before the crisis hit, the bank said.

Of the G-20 countries, the country with the very weakest currency has been Argentina, whose Peso lost over 10 per cent against the US dollar and therefore about -12.5 per cent against the euro in 2009.

Among European currencies, the Belarussian ruble suffered, falling about 31 per cent against the dollar; the Moldovan leu, fell about 19 per cent, while the Albanian lek dropped by 6.8 per cent, and the Icelandic krona fell by 5.8 per cent.