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Identifying behavior that is relatively invariant under different conditionsis a challenging task in far-from-equilibrium complex systems. As an example ofhow the existence of a semi-invariant signature can be masked by theheterogeneity in the properties of the components comprising such systems, weconsider the exchange rate dynamics in the international currency market. Weshow that the exponents characterizing the heavy tails of fluctuationdistributions for different currencies systematically diverge from a putativeuniversal form associated with the median value (~2) of the exponents. Werelate the degree of deviation of a particular currency from such an "inversesquare law" to fundamental macroscopic properties of the corresponding economy,viz., measures of per capita production output and diversity of exportproducts. We also show that in contrast to uncorrelated random walks exhibitedby the exchange rate dynamics for currencies belonging to developed economies,those of the less developed economies show characteristics of sub-diffusiveprocesses which we relate to the anti-correlated nature of the correspondingfluctuations. Approaches similar to that presented here may help in identifyinginvariant features obscured by the heterogeneous nature of components in othercomplex systems.

Deviations from universality in the fluctuation behavior of a  heterogeneous complex system reveal intrinsic properties of components: The  case of the international currency market