There are a total of 180 legal currencies in the world which were recognized by the United Nations. Each with the value of its own based on their accomplishment. In 2020, there are a total of 16 different currencies that are used in day-to-day life. So to know exactly the value of the currency, we need a comparison bar to be set. Let’s take the US dollar as the fixed base currency.
Here are the top 10 highest currencies in the world.
Kuwaiti dinar known as the strongest currency in the world, The currency introduced in the year 1960. Kuwaiti is a small country situated between Iraq and Saudi Arabia. The wealth of this country got driven largely because of its large global exports of oil.
- Currency code – KWD
- Kuwaiti dinar rates
- 1 KWD = 3.27 USD (KWD to USD)
- 1 KWD = 2.78 EUR (KWD to EUR)
- 1 USD = 0.30 Kuwait dinar (KWD)
Bahrain dinar is the second strongest currency, also known as BHD. It is one of the many Arabic coins on the list; this coin i9s called files because it is divided into 1000 small currency units. Bahrain is the only place where the Bahraini dinar is used.
- Currency code – BHD
- Bahrain dinar rates
- 1 BHD = 2.66 USD (BHD to USD)
- 1 BHD = 2.26 EUR (BHD to EUR)
- 1 USD = 0.38 Bahraini dinar (BHD)
Oman’s national currency, known as the Omani rial or OMR. Baisa, a 1000 smaller divisions of the Oman rial. The value of the Oman rial rose quickly after being introduced; this is because of its success in the export of Oman’s oil.
- Currency code – OMR
- Oman rial rates
- 1 OMR = 2.60 USD (OMR to USD)
- 1 OMR = 2.21 EUR (OMR to EUR)
- 1 USD = 0.38 Omani rial (OMR)
Jordanian dinar is the national currency of Jordan, which is the 4th strongest currency in the world. In 1950 it became Jordan’s official currency, which was a replacement for the Palestinian pound.
- Currency code – JOD
- Jordan dinar rates
- 1 JOD = 1.41 USD (JOD to USD)
- 1 JOD = 1.20 EUR (JOD to EUR)
- 1 USD = 0.71 Jordanian dinar (JOD)
The United kingdom’s currency, known as the pound sterling or the GBP, is the 5th most valuable currency in the world. GBP may not be the strongest currency, but still, it is the oldest currency in the world. It is the 4th most traded currency in the world, with 12.8% of daily trades on foreign exchange.
- Currency code – GBP
- British pound sterling rates
- 1 GBP = 1.31 USD (BGP to USD)
- 1 GBP = 1.11 EUR (BGP to EUR)
- 1 USD = 0.75 British pound sterling (BGP)
Gibraltar’s national currency is known as the Gibraltar pound or GIP, which has the same face value as the British pound sterling. Because of its same face value, you can use both GIP and BGP in Gibraltar.
- Currency code – KYD
- Cayman Islands dollar rates
- 1 KYD = 1.22 USD (KYD to USD)
- 1 KYD = 1.04 EUR (KYD to EUR)
- 1 USD = 0.81 Gibraltar pounds (KYD)
Euro or EUR is 19 country’s official currency. It is also said to be one of the newest currencies; Germany, France, and Spain are some countries where EUR is used as an official currency, which is also the world’s second reserve currency and second in most traded currency on the foreign exchange market.
- Currency code – EUR
- European Euro rate
- 1 EUR = 1.19 USD (EUR to USD)
- 1 USD = 0.90 Euro (EUR)
Switzerland and Liechtenstein’s national currency is known as the Swiss franc or CHF. Switzerland’s currency has a higher value than the USD; this is because Switzerland is known as one of the world’s most stable and wealthy countries.
- Currency code – CHF.
- Swiss franc rates
- 1 CHF = 1.10 USD (CHF to USD)
- 1 CHF = 0.93 EUR (CHF to EUR)
- 1 USD = 0.98 Swiss franc (CHF)
United States dollar
The United States and several other country’s national currencies are known as the US dollar USD. USD is the world’s primary reserve currency; around 88.3% of daily trades in the foreign exchange market account for USD. Even though the USD holds many first places in trade and exchange, it is unfortunately ranked in the 9th position in the world’s strongest currency.
- Currency code – USD
- US dollar rate
- 1 USD = 0.85 EUR (USD to EUR)
Canada’s currency, known as the Canadian dollar or CAD, is one of the most popular currencies for central banks to hold as foreign exchange reserves with 5% of daily trade in the global foreign exchange market.
- Currency code – CAD
- Canadian dollar rates
- 1 CAD = 0.75 USD (CAD to USD)
- 1 CAD = 0.63 EUR (CAD to EUR)
- 1 USD = 1.31 Canadian dollar (CAD)
Ans: KWD or Kuwaiti Dinar has crowned the highest currency in the world. It is widely used in the Middle East countries for oil-based transactions. The value 1 Kuwaiti Dinar is equal to 3.27 USD or 233.75 INR. The economic stability and export of Kuwait are the major reasons behind this.
Ans: The USD or US Dollar, the currency of the United States is the most traded currency in the world. It is also the standard and primary reserve currency of the world. Both commercial and central banks throughout the world hold the US dollar for doing international transactions.
Ans: The currency of Switzerland and Liechtenstein known as Swiss Franc (CHF) is the most stable currency of the world. Swiss Franc is regarded as the safe-haven currency due to Switzerland’s low debt levels and sound monetary policies, making the country’s economy stable.
1. Inflation rates
2. Interest rates
3. Monetary policy and economic performance
5. Geopolitical stability
6. Import and export value