Have you ever wondered what the strongest currency in the world is? Around 180 World Currencies are recognized as legal tender by the United Nations, but which is the most valuable?
Currency values fluctuate around the world on a regular basis, as we all know. Certain currencies are considered to be more powerful than others. Some countries have currencies with a value of no more than $20, while others have currencies worth $10,000 to $100,000.
Many people consider that the US dollar and the British Pound are the strongest currencies in the world, with significant influence over other currencies. As it turns out, there are several currencies with much higher conversion rates than the Dollar and the Pound.
Position 1: Kuwaiti Dinar (KWD)
Kuwait’s official currency is the Kuwaiti Dinar (KWD). Dinar is derived from the Roman denarius. The KWD is divided into 1000 fils, a coin that is common in many Arab countries. As one of the most powerful currencies in the world, the Kuwaiti Dinar is widely recognized. Kuwaiti Dinars, abbreviated as KWD, are widely used in oil-related transactions in the Middle East. According to May 2021, the Kuwaiti Dinar is the strongest circulating currency, with one Dinar equal to 3.32 US dollars. Kuwait has no taxes and relatively low unemployment. You can convert rupees to Kuwaiti dinars (KWD) by clicking here.
Kuwait introduced the Kuwaiti Dinar (KWD) in 1961 to replace the Gulf rupee. The Gulf rupee had been linked to the Indian rupee. Gulf rupees were issued by the Indian government in 1959 for use outside of India, mainly in the Persian Gulf region. Similarly to the Indian rupee, the Gulf rupee was pegged to the British pound sterling (GBP).
Position 2: Bahraini Dinar
In May 2021, the Bahraini Dinar was the second most valuable circulating currency, with one Bahraini Dinar equal to 2.65 US dollars, slightly behind the Kuwaiti Dinar, which was worth 3.32 US dollars. Bahrain is an island nation in the Persian Gulf with a population of slightly over one million people. Its primary revenue source, like Kuwait’s, is global gas and petroleum exports. In Bahrain, both the Saudi Riyal and the Bahraini Dinar are officially recognized as legal tender. Their exchange rate is also fixed, with 1 Dinar equal to 10 Riyals.
Position 3: Omani Rial
The Oman Rial is the national currency of Oman, which is located on the Arabian Peninsula, and it is currently the world’s third most valuable currency. Until 1940, Oman’s local currency was the Indian rupee (INR), which was quickly replaced by a more powerful currency. On the southeastern coast of the Arabian Peninsula, Oman’s economy largely depends on its oil reserves. The Omani riyal is pegged to the US dollar.
Position 4: Jordanian Dinar
Jordan, an Arabic country on the Jordan River, has its own currency, the Jordanian Dinar (JOD). Jordan’s government maintains stable exchange rates, which is one of the main reasons for its high value. Like its neighbors, Jordan is not overly dependent on oil exports, which is a positive because its economy is diverse.
Since the Jordanian Dinar was introduced in 1949 to replace the Palestinian Pound, it has been tied to the US Dollar.
Position 5: British Pound Sterling
The British Pound Sterling, the nation’s currency, is ranked fifth among the world’s most valuable currencies. Despite its reputation as the world’s strongest currency, the Pound Stirling trails four Arabian currencies in terms of strength.
The United Kingdom’s decision to leave the European Union has negatively impacted the value of the Pound.
Despite this, it is the world’s oldest currency in circulation and one of the most traded. Cable, or GBP/USD, is the third most traded currency pair on the FX market.
Position 6: Gibraltar Pound
Gibraltar uses the Gibraltar pound as its currency. The British pound sterling is tied to it at par value and can be exchanged for it. The Government of Gibraltar prints banknotes and coins of the Gibraltar pound.
Position 7: Cayman Islands Dollar
Cayman Islands is a British territory in the Caribbean known as one of the best tax havens in the world. Many of the world’s largest banks, hedge funds, and insurance firms rely on them for banking licenses. These Caribbean islands are part of the Cayman Islands Group. The Cayman Islands use the USD currency. The most popular Cayman Islands Dollar exchange rate is USD to KYD. People are often unaware that the Cayman Island Dollar is one of the most powerful Caribbean currencies. In addition to being one of the world’s newest currencies, the Cayman Island Dollar has been in circulation since 1972.
Position 8: European Euro
The EURO became the primary currency of the European Union on January 1, 1999.
It is the second most valuable currency in the world and the official currency of 19 of the EU’s 28 member countries. Additionally, this currency has the highest exchange rate of any currency in the world. You’ll notice that this currency has been strengthening over the last few years, which explains why it holds such a strong position on the world market. Because so many countries are members of this union, it functions throughout most of Europe. Additionally, it is among the highest currencies in the world in 2018 and 2019.
Position 9: Swiss Franc
With a long history in banking and finance, Switzerland is one of the world’s wealthiest countries.
With some of the toughest monetary policies in the world and the lowest debt levels, many investors view the Swiss Franc as a “Safe Bet,” choosing to park some of their capital there. Because the Swiss Franc is one of the world’s strongest currencies, it is often used in bank deposits sent to offshore accounts. The only currency in the world not affected by inflation is this one.
Position 10: US Dollar
The US dollar is the most important reserve currency in the world. Although it is ranked tenth among the world’s most valuable currencies, the US Dollar is one of the most widely used currencies in the world. It is argued that no currency will ever replace the US Dollar as the most traded currency. The United States’ global political power backs it as a global currency. When it comes to conversion, the US Dollar is far below the world’s strongest currencies list.
The World’s Currencies against the Indian Rupee (INR)
World Currencies Vs Indian Rupee (INR)
- United Dollars: 1 USD = 75.2610 INR
- Swiss Franc: 1 CHF = 81.3200 INR
- Euro:1 EUR = 87.2215 INR
- Cayman Island dollar: 1KYD= 90.16 INR
- Gilbatra:1GIP= 103.78 INR
- UK Dollars: 1 GBP= 103.78 INR
- Jordanian Dinar: 1 JOD= 106.16
- Omani Rial: 1OMR= 195.75 INR
- Bahraini Dinar: 1 BHD= 199.76 INR
- Kuwaiti Dinar: 1 KWD= 249.44