The US dollar itself has slumped except that since it is valued against commodities, its purchasing power declines are masked. It is crucial to look at PPP values to ascertain the extent to which various domestic consumer spending powers have been eroded. Often there is a discrepancy between exchange values and domestic price levels. Exchange values respond immediately to international shocks like oil prices, but domestic real prices denominated in local currencies often are much more elastic. They collapse at some point but they are much more elastic. The dollar however has a value on the exchange rate which is higher than its value inside the US where it functions as a local currency because of its reserve currency status. This means Americans are more likely to find foreign goods cheaper than local goods, hence the huge trade deficit.

My point is this: countries that use local currencies mostly for domestic purposes will find their price levels much more manageable despite international shocks despite exchange rate fluctuations, and will only experience forex pressures (current account deficits) when they purchase foreign goods (of which oil is not among for Russia and Saudi Arabia) – but countries with reserve currency status like the US and the EU bloc will find their currencies internationally competitive against foreign goods (of which oil is among) and less competitive for local goods. This is the slight advantage largeish, commodity exporting economies enjoy despite commodity price fluctuations like the oil situation.