When you hear about the strongest currencies, the first thing that might come to your mind is the US dollars or Pounds. Not to burst your bubble but they are not. The US dollar is the most traded and famous currency.
The relative strength of currencies is determined by a number of variables, including exchange rates, nominal gross domestic product (GDP) per capita, inflation rate, and a wide range of other economic and political challenges.
All the below listed currencies are being gauged against the widely traded currency, US dollars.
1. Kuwaiti Dinar
The Kuwait dinar with the code KWD is the currency of a small country called Kuwait bordering Saudi Arabia and Iraq.
Kuwait is well known for owning large oil reserves and they export oils to global market. Kuwait emerges one of the richest countries in the world. 1KWD equals $3.26 USD making it the most valuable currency in the world.
2. Bahraini Dinar
The Bahraini dinar with the code BHD replaced Gulf rupee since 1965. It has served as the official currency of Bahrain, an island nation which is situated next to Saudi Arabia in the Persian Gulf.
The oil and gas sector is their principal source of income. The Kuwaiti dinar is the world’s most valuable currency, followed by the Bahraini dinar while equals $2.65 USD.
3. Omani Rial
The Omani rial is the official currency of Oman with the code OMR. The country’s wealth generates from the export of oil to various countries alongside revenues from tourism and agriculture.
Omani rial is one of the strongest currencies in the world because of Oman low inflation rate and strong economy. 1 OMR equals $2.60 USD.
4. Jordanian Dinar
The Jordanian dinar is the official currency of Jordan with the code JOD.
Jordan lacks oil in contrast to the other nations mentioned above. However, the Jordanian dinar is robust because of the nation’s diverse economy, which includes manufacturing, trade, and banking in addition to mining. 1 JOD equals $1.41 USD.
5. Cayman Islands Dollar
The Cayman Islands dollar is the official currency of Cayman Islands with the code KYD.
For multinational enterprises, the Cayman Islands are the perfect location. It’s because the nation is regarded as a “tax haven,” meaning that it either has no or highly lenient tax regulations. This is why it emerges among the strongest currencies in the world. 1 KYD equals $1.21 USD.
6. Pound Sterling
The pound Sterling is the official currency of the United Kingdom with the code GBP.
It is the highest valued currency outside the Middle East. Not only is it the oldest currency, but it is also one of the most significant in terms of international trade and economics. It is included in the collection of SDRs owned by the IMF. 1 GBP equals $1.21 USD.
7. Swiss Franc
The Swiss Franc is the official currency of Switzerland and Liechtenstein with the code CHF.
Because of its stable economy, strictest monetary policy, and lowest debt levels, Switzerland is regarded as a “safe haven” country and the franc as a “safe haven” currency. Switzerland and Liechtenstein emerge as the wealthiest countries. 1 CHF equals $1.04 USD.
The Euro is the official currency of all the 19 European countries. It ranks the second most used currencies globally both in reserve and circulation. Its code is EUR. 1 EUR equals $1.02 USD.
9. US Dollar
The US dollar serves as the United nation’s and its territories’ official unit of exchange. The US dollar has since surpassed all other currencies in terms of usage and commerce. The term “World Reserve Currency” refers to the US dollar. The code is USD and 1 USD equals $1
10. Canadian Dollar
The official currency of Canada is the Canadian dollar, its code is CAD. Trade between Canada and the US causes significant fluctuations in the Canadian dollar, which is predicated on the US dollar’s current value.
Because Canada is the second-largest producer of uranium and crude oil in the world, the Canadian dollar is seen as strong. As a result, changes in the price of oil globally affect the Canadian dollar. In addition, 1 CAD equals $0.78 USD.
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