Explore the List of 10 Strongest Currencies in the World 2024 with country name and its currency value in USD and INR.
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A country's currency reflects its economic stability and buying and trading power. Having a strong currency makes a nation influential in the global market, as it can make imports cheaper and reduce inflation. At the same time, a strong currency dictates economic confidence, attracts more foreign investment, and fosters international partnerships.
The more powerful the currency, the more robust the country's financial health. While it's a common mindset that the US holds the foremost position when it comes to the strength of the currency, it holds the last place in the list of 10 strongest currencies in the world in 2024.
Let's find out which country has the strongest currency in the world and the reasons behind it.
10 Strongest Currencies in the World
Kuwait's currency, the Kuwaiti Dinar (KWD), is the strongest currency in the world list, all thanks to its oil reserve and tax-free system. 1 KWD buys over 3 US dollars, which makes it a stable economy.
Not just Kuwait but most of the oil-rich nations boast valuable currencies in the world. Therefore, even if the global economy fluctuates, Kuwait stays firm and strong, being one of the world's largest reserves of oil. The country's oil industry accounts for 80% of its exports.
With an exchange rate of 2.65 US dollars, Bahrain Dinar (BHD) holds the second position in the list of the 10 strongest currencies in the world in 2024. The country's economy is largely dependent upon oil and gas, and at the same time, the country has invested a humongous amount in the banking and tourism sectors.
All these factors have contributed to making Bharain one of the stable nations economically, attracting high foreign investors.
The third position is held by Oman's currency, the Omani Rial. This country is again linked to its natural resources- oil and gas reserves that have helped make Oman vital and stable economically on the global front. Additionally, the historically tight monetary policy and financial restrictions are also some of the contributing factors that play a significant role in strengthening Oman's currency.
Besides depending upon the natural reservoir, Oman has been constantly expanding and diversifying its economy and maintaining a stable exchange rate that has helped cushion it against the volatility of global oil prices.
After KWD, BHD, and OMR, the Jordanian Dinar (JOD) becomes the fourth strongest globally due to the country's fixed exchange rates, keeping it unaffected by changes in demand and supply. At the same time, Jordan's diversified economy helped its currency to become stronger.
Jordan replaced the Palestinian pound in 1950 and introduced JOD. Its strategic location in the Middle East and strong trade ties with the neighbouring countries have provided greater stability against the US dollar.
British Pound (GBP) is used by Great Britain and the neighbouring countries and territories. Despite Brexit challenges, GBP stays strong and powerful due to the country's interest rates, inflation, and the overall state of the economy. Diverse policies, as well as the global reach of Great Britain, always ensure that the GBP will stay strong.
Besides, London, being the financial hub, attracts extensive trade activities and foreign investors, contributing to strengthening the pound. Moreover, the Bank of England, which issues the currency, has played an active role in international economic developments.
Gibraltar Pound (GIP), the currency of Gibraltar, is a twin to the British Pound (GBP) as it is pegged to it at a 1:1 exchange rate. It means that one Gibraltar pound is equivalent in value to one British pound.
The two major factors contributing to making GIP one of the strongest currencies in the world list are tourism and e-gaming. The country has made huge efforts to diversify these two sectors, helping it grab the 6th position on the list.
Cayman Island Dollar (KYD) is one of the strongest currencies in the world, holding 7th position in the list. Until 1972, the country used Jamaican Dollar as its currency but later dropped and adopted KYD for its financial independence.
The country is a major international financial center. Banking, hedge fund formation and investment, structured finance and securitization, captive insurance, and general corporate activities are some of its largest sectors that contribute to its strong currency.
Bagging the 8th position in the list of strongest currencies in the world, Swiss Franc, 1 CHF fetches 1.17 US dollar. Some of the contributing factors to the nation's strong economy are its political and financial stability, high degree of transparency in reporting financial information, and low bank interest rates. All these have made it attractive for foreign investment.
The Euro is the official currency of 19 European Union member states (Eurozone). Even though Euro holds the second position in terms of reserve currency status and global trading volume, it is the 9th strongest currency in the world.
The United States Dollar (USD) is one of the most widely traded currencies in the world. Even though it is the most popular and holds the position as the primary reserve currency, USD is the last in the list of the ten strongest currencies in the world in 2024.
Here are the top ten strongest currencies in the world in a nutshell-
|
Currency |
Value in INR |
Value in USD |
|
1 Kuwait Dinar |
270.23 |
3.25 |
|
1 Bahrain Dinar |
220.44 |
2.65 |
|
1 Oman Rial |
215.84 |
2.60 |
|
1 Jordanian Dinar |
117.10 |
1.41 |
|
1 Gibraltar Pound |
105.52 |
1.27 |
|
1 British Pound |
105.54 |
1.27 |
|
1 Cayman Island Dollar |
99.76 |
1.20 |
|
1 Swiss Franc |
97.54 |
1.17 |
|
1 Euro |
90.89 |
1.09 |
|
United States Dollar |
83.10 |
1.00 |
Kuwaiti Dinar (KWD) is the strongest currency in the world, with 1 KWD valuing Rs 270.23 and 3.25 dollars.
According to the recent exchange rate published on the International Monetary Fund's (IMF) website, India ranks 15 with the value listed as 82.9 per US Dollar.
The US dollar is the world's primary reserve currency and the most widely traded currency globally. It's also the most widely used currency for international trade. Despite its popularity, the USD ranks 10th among the world's strongest currencies.
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Conclusion
The essence of global trade, a nation's currency, shows its economic vitality and financial health. At present, 180 currencies are officially recognized across the world as legal tender. Even though currencies like the US dollar and Euro are widely used and popular, they do not contribute to their strength. As Kuwait's currency, KWD has become the strongest currency in the world, investors are looking forward to it as a potential hub.
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