That is so whether measured against the US dollar or in effective (trade-weighted) terms. Little more than two years ago, our dollar was trading at only 39 US cents - 30% below the average for the whole of the last 10 years. Even in trade-weighted terms, our exchange rate spent most of 2001 almost 15% below its 10 year average.
One reason is regulatory loopholes that emerge due to financial innovation – this calls for a confident, strong supervision in the face of new developments that are not covered 1/3  BIS central bankers' speeches  by international standards. But another source of weakness of the international Basel standards is insufficient implementation.