Have you ever wondered which is the strongest currency in the world? If you think it’s the US dollar, you’re wrong. While it is the most traded currency on the global stage, it doesn’t mean it is the strongest. There are 9 strongest currencies in the world that are worth more than a US dollar.
In this blog, we will run through the top 10 list of the strongest currencies in the world in 2024. You may be surprised to see what comes at the top.
1. Kuwaiti Dinar
- Symbol: 1 KWD
- INR Value: INR 271.65
- USD Value: $ 3.25
The Kuwaiti Dinar is the national currency of the state of Kuwait. It was introduced in 1960, the same year the Kuwaiti Currency Board was created. The currency is well known for its exchange rate. The vast quantity of oil that is accessible in the market helps to maintain this rate. Kuwaiti Dinar banknotes are printed in denominations of ¼ dinar, ½ dinar, 1 dinar, 5 dinars, 10 dinars, and 20 dinars.
2. Bahraini Dinar
- Symbol: 1 BHD
- INR Value: INR 221.50
- USD Value: $ 2.65
Bahraini Dinar is one the second strongest currencies in the world. It is divided into 1000 smaller currency units called “fils”. When trading in the US dollar you will receive 0.38 Bahraini dinar.
Before 1965, Bahrain was used in the Persian Gulf rupee as its currency. Bahraini dinar began circulation in 1965 and replaced the Persian Gulf rupee at a conversion rate of one dinar to 10 rupees. After 1973, this responsibility fell under the control of the Bahrain Monetary Agency.
3. Omani Rial
- Symbol: 1 OMR
- INR Value: INR 216.89
- USD Value: $ 2.60
Omani Rial is the national currency of the Sultanate of Oman. It is one of the third strongest currencies in the world. Beginning in 1970, the OMR was known as the Rial Saidi and had a value equal to the British Pound.
It became the currency of Oman after Sultan Qaboos bin Said officially changed the name of the country to the Sultanate of Oman. The most notable development in the history of the Omani rial took place in 1970 when Sultan Qaboos bin Said assumed power after overthrowing and exiling his father Sultan Said bin Taimur. Subsequently, he embarked on a program of economic and social reform. His reforms included the establishment of the Central Bank of Oman in 1974. The Central Bank issues and manages the Omani Rial.
4. Jordanian Dinar
- Symbol: 1 JOD
- INR Value: INR 117.79
- USD Value: $1.41
The national currency of Jordan is the Jordanian dinar or JOD, which earned the position as one of the fourth strongest currencies in the world today. 1 US dollar is transferable for around 0.71 Jordanian Dinar. This currency became Jordan’s official currency in 1950 after it replaced the Palestinian pound.
5. British Pound
- Symbol: 1 GBP
- INR Value: INR 105.13
- USD Value: $ 1.26
The British Pound, also known as the sterling British Pound used in the United Kingdom, is one of the strongest currencies in the world. The pound was first introduced in the 1400s. It is the fourth most traded currency globally, accounting for around 12.8% of daily trades in the foreign exchange market. It is the official currency of Jersey, Guernsey, the Isle of Man, South Georgia, the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha.
6. Cayman Islands Dollar
- Symbol: 1 KYD
- INR Value: INR 100.24
- USD Value: $1.20
The official currency of the Cayman Islands is the Cayman Islands Dollar. It is one of the sixth strongest currencies in the world. This currency is exclusively used in the territory and holds a fixed exchange rate with the United States Dollar. The fixed exchange rate ensures stability in the currency and facilitates economic transactions within the islands.
Before adopting KYD, the islands used the Jamaican Dollar (JMD) as their official currency. Later on, in 1972, the Cayman Islands introduced their currency to get their economic independence. The first series of Cayman Dollars was issued in 1972, with denominations of 1,5, 10, and 25 dollars.
7. Gibraltar Pound
- Symbol: 1 GIP
- INR Value: INR 105.10
- USD Value: $1.26
The Gibraltar pound is one of the seventh strongest currencies in the world. It is the official currency of Gibraltar, a British Overseas Territory located at the southern tip of the Iberian Peninsula.
The Gibraltar Pound is subdivided into 100 smaller units called pence. They are available in coins and banknotes. Coins are issued in denominations of 1,2,5,10,20 and 50 pence, as well as 1 and 2-pound coins. Banknotes are available in denominations of 5,10,20 and 50 pounds. Gibraltar Financial Services Commission manages the currency.
8. Swiss Franc
- Symbol: 1 CHF
- INR Value: INR 92.38
- USD Value: $1.11
The official currency of Switzerland and Liechtenstein is Swiss Franc. It is considered one of the strongest currencies in the world for businesses and investors. This, however, is no surprise that Switzerland is one of the most stable and wealthy countries in the world. The Swiss Franc was introduced in 1850 and was later briefly pegged to the euro.
9. Euro:
- Symbol: 1 EUR
- INR Value: INR 90.06
- USD Value: $1.08
Euro is the second largest reserve currency and the second most traded currency worldwide. It is one of the strongest currencies in the world, holding the ninth position.
The Euro is the official currency of the euro-zone, encompassing 19 of 27 European Union member states. These nations include Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Its strength and stability are driven by factors like a strong economy, political stability, and consistently low interest rates compared to other nations.
10. US Dollar
- Symbol: 1 USD
- INR Value: INR 83.50
- USD Value: $1.00
The currency of the United States of America is USD or US Dollars. It is the 10th strongest currency in the world. All other units of currency across the globe are worth less than US dollars. Because of widespread adoption, the US dollar also accounts for around 88.3% of daily trades in the foreign exchange market. As one of the strongest currencies in the world, the US dollar plays an important role in trade and finance.
Almost every central bank and commercial bank holds it as the world’s primary reserve currency. It is said that no currency will ever replace the US dollar as the most traded currency.
Conclusion
It becomes important to understand the strongest currencies in the world. These powerful currencies not only show the strength of their countries but also their investments and global trade. If you’re interested in investments, knowing about these top currencies can help you make better decisions.
