As per the worldwide 'cost of living' survey by Economist Intelligence Unit (EIU), Mumbai is the second least expensive city globally, while New Delhi is ranked fourth. Karachi in Pakistan has been named as the cheapest destination globally, while Zurich has topped Tokyo to become the world’s most expensive city, as surging currencies push up the cost of living in countries like Switzerland and Australia, a survey showed on Tuesday.

Five Australian cities made it into the top 20, led by Sydney and Melbourne in seventh and eighth places, according to The Worldwide Cost of Living survey, carried out by the Economist Intelligence Unit. “Exchange rates have been the greatest influence for the Australian cost of living, with the Australian dollar seeing its value to the U.S. dollar double in a decade,” said survey editor Jon Copestake in a statement.

Canada’s Vancouver overtook US cities to become the most expensive in North America, ranked 37th in the world. Los Angeles was the most expensive US city —equal 42nd with Shanghai — while New York came in 47th.The survey of 130 cities worldwide compares more than 400 individual prices across 160 products, including food, clothing, transport, rents and private schools.