- By Abhirupa Kundu
- Tue, 06 Feb 2024 03:30 PM (IST)
- Source:JND
Strongest Currencies In The World: Currency, the lifeblood of global trade and determinant of a country's economic position, serves as the pivotal figure that keeps commerce afloat. The United Nations officially takes cognizance of 180 currencies globally as legal tenders. While some currencies might be more popularly used than others, the prevalence does not determine the value of the coin. The strength and value of a currency are spun around the purchasing power of a nation's currency when exchanged for services, goods or other legal tenders.
Significantly, one factor that ascertains the expensiveness of a currency includes its supply and demand dynamics in the foreign exchange markets, inflation rates, domestic economic stability, and policies by the central bank of the country.
Here, we will shine a spotlight on the top 10 strongest and highest-valued currencies of the world for 2024.
List of Top 10 Most Powerful Currencies In The World
1. Kuwaiti Dinar: Abbreviated as KWD it is the highest currency in the world for 2024 with a value of Rs 270.15 INR and USD 3.25. Introduced first in 1960, the Kuwaiti dinar has consistently maintained the top rank. The driving force behind Kuwait's economic stability has been its oil reserves and tax-free system which contributes largely towards its currency being in high demand. For Indian expatriates, the INR to KWD exchange rate is particularly popular.
2. Bahraini Dinar (BHD) Rs 220.53 USD 2.65: The Bahraini Dinar the currency of the island nation in the Arabian Gulf heavily reliant on its oil exports. The BHD is exclusively used in Bahrain.
3. Omani Rial (OMR) Rs 215.94 USD 2.60: The Omani Rial is the third strongest currency. Onam's currency was introduced for the first time in 1970s. The country which is located between the United Arab Emirates and Yemen at the tip of the Arabian peninsula along with its neighbours is also a major exporter of oil and gas.
4. Jordanian Dinar (JOD) Rs 117.19 USD 1.41: The Jordanian Dinar has been in circulation since 1950s in Jordan. Less dependent on the oil exports the country has previously struggled with a slow economy and rising debt.
5. Gibraltar Pound (GIP) Rs 105.53 USD 1.27: The GIP is the official currency of Gibraltar. It began issuing its own bank notes in 1927 and its coins in 1988. The GIP is pegged at par value to the British pound.
6. British Pound (GBP) Rs 105.52 USD 1.27: As per the World Bank, Britain is the sixth largest country by gross domestic product (GDP). It was first introduced in the 1400s before being decimalised in 1971. GBP is free-floating and thus not pegged to other currencies.
7. Cayman Island Dollar (KYD) Rs 99.91 USD 1.20: The currency belongs to the Cayman Islands, a British territory in the Carribean and is an offshore financial centre. It was first introduced in the 1970s and is pegged to the US Dollar.
8. Swiss Franc (CHF) Rs 96.43 USD 1.16: The currency is the official legal tender of Switzerland and Liechtenstein. It is seen as a safe haven because of the political stability that persists in Switzerland.
9. Euro (EUR) Rs 89.91 USD 1.08: The Euro is the official currency of 20 countries of the 27 member states of the European Union. Ther eurozone includes approximately 344 million citizens and is divided in to 100 euro cents. The currency is used officially by the institutions of the European Union. The currency entered circulation in 2002 and is free-floating.
10. United States Dollar (USD) Rs 83.13 USD 1.00: With the worth of exactly one against itself, the US Dollar originated in th 1700s is the legal tender if the United States of America, other US territories and the sovereign nations of Puerto Rico, Ecuador and Zimbabwe. The US is the largest economy by GDP and US Dollar is also the largest reserve currency in the world.
