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Generally, yes, because most countries use flexible exchange rates and so arbitrage ensures that the value of a currency is determined accurately (i.e. if the currency was overvalued for some reason, experienced for-ex traders would realise and cause it to fall). If the exchange rate is fixed you can't tell if it's valued correctly because it is usually pegged on another exchange rate (so if the other currency depreciates the government will make sure that their currency depreciates). This means that the value of the exchange rate doesn't reflect what is going on in the economy, it reflects what is going on in the other economy.
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