Strongest and most valuable currencies in the world for 2024

Forex /
Milan Cutkovic
Strongest Currencies In The World

A strong currency is one that has a high value relative to other currencies in the global market. It is typically backed by a stable economy and is sought after for international trade and investment.

While the US dollar is the world's most traded currency, accepted in several countries across the globe, and serves as an unofficial global reserve currency, there are numerous other currencies that are stronger than the USD. Let's find out which currencies these are and what factors contribute to their strength.

 

Top 10 strongest currencies in the world

(valued against the USD)

#

Currency

Value of

Value in USD*

1 Kuwaiti dinar 1 KWD 3.25
2 Bahraini dinar 1 BHD 2.65
3 Omani rial 1 OMR 2.60
4 Jordanian dinar 1 JOD 1.41
5 British pound 1 GBP 1.27
6 Gibraltar pound 1 GIP 1.27
7 Cayman Islands dollar 1 KYD 1.21
8 Swiss franc 1 CHF 1.17
9 Euro 1 EUR 1.09
10 United States dollar 1 USD 1

* Updated in real time.

 

Top 10 highest-valued currencies in the world

(valued against the INR)

#

Currency

Value of

Value in INR**

1 Kuwaiti dinar 1 KWD 270.3
2 Bahraini dinar 1 BHD 221
3 Omani rial 1 OMR 216
4 Jordanian dinar 1 JOD 117.2
5 British pound 1 GBP 105.6
6 Gibraltar pound 1 GIP 105.6
7 Cayman Islands dollar 1 KYD 100.8
8 Swiss franc 1 CHF 97.8
9 Euro 1 EUR 91
10 United States dollar 1 USD 83.1

** Updated in real time.

 

Top 10 currencies list

  1. Kuwaiti dinar (KWD)
  2. Bahraini dinar (BHD)
  3. Omani rial (OMR)
  4. Jordanian dinar (JOD)
  5. British pound (GBP)
  6. Gibraltar pound (GIP)
  7. Cayman Islands dollar (KYD)
  8. Swiss franc (CHF)
  9. Euro (EUR)
  10. United States dollar (USD)

 

1. Kuwaiti dinar (KWD)

(strongest currency in the world)

Kuwaiti dinar (KWD)

The Kuwaiti dinar (KWD) has been the official currency of Kuwait since 1961 when it replaced the Gulf rupee. The Kuwaiti dinar is one of the highest-valued currencies in the world and its symbol is "KD" or "د.ك," in Arabic.

The exchange rate of the Kuwaiti dinar is high compared to most other currencies. Unlike other Gulf Cooperation Council (GCC) countries, the currency is not pegged to the US dollar alone, but an undisclosed basket of international currencies. While the exact weighting of the US dollar is not known, it is assumed that it is high due to Kuwait´s dependence on oil (which is priced in USD). The value of the Kuwaiti dinar fluctuates only slightly.

The Kuwaiti dinar is a stable currency and is accepted in international transactions. However, the currency is primarily used in Kuwait, and banknotes are rarely circulated outside of the country.

The Kuwaiti dinar is divided into 1,000 fils and is available in banknotes with denominations of 1/4, 1/2, 1, 5, 10, and 20 dinars. Each banknote features various images, including landmarks, historical figures, and cultural symbols significant to Kuwait.

 

2. Bahraini dinar (BHD)

Bahraini dinar (BHD)

The Bahraini dinar (BHD) is the official currency of the Kingdom of Bahrain, an island nation located in the Middle East. It has been the currency of Bahrain since 1965, replacing the Gulf Rupee. The Bahraini dinar is known for its high value and stability. The symbol for the Bahraini dinar is "BD" or "د.ب," in Arabic.

The Bahraini dinar is pegged against the US dollar at a rate of 2.659 USD. The value of the BHD, therefore, fluctuates very rarely.

Bahrain has no currency controls in place, which allows the free movement of capital. While the BHD is accepted internationally, it is primarily used within Bahrain.

The Bahraini dinar is divided into 1,000 fils. However, prices are typically quoted in dinars. The Bahraini dinar is available in banknotes with denominations of 1/2, 1, 5, 10, and 20 dinars. Coins are also in circulation with denominations of 5, 10, 25, 50, and 100 fils. The banknotes and coins feature images of important Bahraini landmarks, historical figures, and cultural symbols.

 

3. Omani rial (OMR)

Omani rial (OMR)

The Omani rial (OMR) is the official currency of the Sultanate of Oman, a country located in the Middle East. It replaced the Indian rupee – Oman´s previous currency – in 1970. Omani rial is known for its high value and stability. The symbol for the Omani rial is OMR or "ر.ع." in Arabic.

The Omani rial is pegged to the US dollar at an exchange rate of 2.597 USD and fluctuates minimally. Oman has liberal currency controls compared to the rest of the region.

The Omani rial is divided into 1,000 baisa, although prices are usually quoted in rials. The Omani rial is available in banknotes with denominations of 1, 5, 10, 20, and 50 rials. Coins are issued in denominations of 5, 10, 25, and 50 baisa. The banknotes and coins feature images of significant Omani landmarks.

 

4. Jordanian dinar (JOD)

Jordanian dinar (JOD)

The Jordanian dinar (JOD) is the official currency of the Hashemite Kingdom of Jordan, a country located in the Middle East. Its symbol is “JD”. The dinar is divided into 100 smaller units known as "piasters" or "qirsh," represented by the symbol "قرش" in Arabic.

The Jordanian currency was introduced in 1950, just four years after the Hashemite Kingdom of Jordan was established.

Unlike other Middle Eastern countries that pegged their currencies to the US dollar, Jordan is not a major oil-producing country. It maintains the peg to keep the economy stable, inflation under control and to make international trade smoother. Jordan´s central bank is maintaining a fixed exchange rate of 1 JOD = 1.41 USD.

Jordanian banknotes are issued in denominations of 1, 5, 10, 20, and 50 dinars. Coins are issued as 1 dinar, 1/2 dinar, 1/4 dinar, and smaller denominations in piasters (5, 10, 25, and 50 piasters).

 

5. British pound (GBP)

British pound (GBP)

The British pound, also known as the pound sterling (GBP), is the official currency of the United Kingdom and its crown dependencies and overseas territories. It is one of the oldest currencies in the world and plays a significant role in the global economy. The symbol for the British pound is "£".

Along with the euro and the US dollar, the British pound is considered to be one of the world´s main reserve currencies. The pound played a significant role in global trade and finance during the times of the British Empire. Today, its importance in global trade is waning, but it maintains its status as a major currency due to the UK being one of the world´s largest economies and a major financial center.

The exchange rate of the British pound fluctuates against other major currencies. It is influenced by various factors, including interest rates, inflation, economic indicators, and geopolitical events.

The central bank of the United Kingdom is the Bank of England. Founded in 1694, the BoE is responsible for issuing and regulating the British pound. It also conducts monetary policy to keep inflation under check and maintain financial stability in the UK.

The British pound has experienced periods of major volatility in the past. Most recently, the pound crashed close to 1.03 against the USD in September 2022 after the Truss government unveiled plans to boost borrowing while slashing taxes. Prior to that, the pound saw a period of prolonged volatility ahead and during the Brexit process. In 1992, the UK government was forced to withdraw the pound from the European Exchange Rate Mechanism (ERM). The day it happened is commonly referred to as "Black Wednesday" because of the significant impact it had on the currency and the UK's financial system.

The British pound is divided into 100 smaller units called "pence". The Bank of England issues banknotes in different denominations, such as £5, £10, £20, and £50. Coins are available as 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2.

 

6. Gibraltar pound (GIP)

Gibraltar pound (GIP)

The Gibraltar pound (GIP) is the official currency of Gibraltar, a British Overseas Territory located in southern Europe. While Gibraltar is part of the United Kingdom, it is not part of the UK's currency union, and it issues its own banknotes and coins. The currency is pegged to the British pound (GBP) at a 1:1 exchange rate, meaning that one Gibraltar pound is equivalent in value to one British pound. The currency symbol for the Gibraltar pound is "£," which is the same as the symbol for the British pound.

The Gibraltar pound is legal tender within Gibraltar, and both Gibraltar pounds and British pounds are widely accepted for transactions on the territory. However, the Gibraltar pound cannot be used in the United Kingdom and can rarely be exchanged in foreign countries.

The Gibraltar pound is seen as a stable currency due to its peg to the British pound. The peg is beneficial for Gibraltar as it maintains a very close relationship with the United Kingdom.

The Gibraltar pound is divided into 100 smaller units called "pence". The Government of Gibraltar and the Gibraltar Monetary Authority issue banknotes in denominations of £5, £10, £20, £50, and £100. Coins are issued as 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2. The banknotes have designs unique to Gibraltar, featuring local landmarks and symbols.

 

7. Cayman Islands dollar (KYD)

Cayman Islands dollar (KYD)

The Cayman Islands dollar (KYD) is the official currency of the Cayman Islands, a British Overseas Territory located in the Caribbean. The currency is abbreviated as "CI$" to distinguish it from other dollar-denominated currencies. The Cayman Islands dollar is issued and regulated by the Cayman Islands Monetary Authority.

The Cayman Islands dollar is pegged to the US dollar at a fixed exchange rate of CI$1 = US$1.20. This is beneficial for Cayman Islands´ financial sector, which is famous for its offshore banking and investment services.

It is divided into 100 smaller units called "cents". The Cayman Islands Monetary Authority issues banknotes in denominations of CI$1, CI$5, CI$10, CI$25, CI$50, and CI$100. Coins are issued as 1 cent, 5 cents, 10 cents, 25 cents, and CI$1.

 

8. Swiss franc (CHF)

Swiss franc (CHF)

The Swiss franc (CHF) is the official currency of Switzerland and Liechtenstein. It is one of the world's major reserve currencies and is famous for its stability and status as a safe haven. The symbol for the Swiss franc is "CHF".

Switzerland decided to abandon the gold standard in 2000. However, the Swiss National Bank (SNB) has frequently intervened in the foreign exchange markets and at times, maintained a soft peg against the euro, ensuring that one euro is not valued below a certain level in Swiss francs.

The Swiss franc is widely accepted in international transactions. Many central banks and government institutions around the world hold Swiss Francs as part of their reserve assets due to its stability.

Switzerland's status as a popular tourist destination is another factor boosting demand for the Swiss franc.

The Swiss franc is divided into 100 smaller units called "centimes" in French or "rappen" in German. The SNB issues banknotes in various denominations, including 10, 20, 50, 100, 200, and 1,000 Swiss francs. The 1,000 banknote is one of the highest-value banknotes currently circulating. Coins are issued as 5, 10, 20, and 50 centimes, as well as 1, 2, and 5 francs.

 

9. Euro (EUR)

Euro (EUR)

The euro (EUR) is the official currency of the eurozone, a monetary union consisting of the majority of the European Union (EU) member states. It is one of the world's major reserve currencies and is the second most widely held reserve currency after the US dollar. The euro was introduced on January 1, 1999, and became the official currency for electronic transactions. Euro banknotes and coins were later introduced on January 1, 2002, replacing the national currencies of the participating countries. The symbol for the euro is "€".

The euro is a floating currency, and its value is determined by market forces. However, as it is the currency of 19 different countries, its value is influenced by a variety of factors across the entire eurozone.

The eurozone consists of 19 countries, which are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The euro is divided into 100 smaller units called "cents". Euro banknotes are issued in denominations of €5, €10, €20, €50, €100, €200, and €500. Euro coins are minted as 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2. Each denomination has a unique design, incorporating various architectural styles from different periods in European history.

 

10. United States dollar (USD)

United States dollar (USD)

The US dollar (USD) is the official currency of the United States of America and is one of the world's most widely used reserve currencies. It enjoys the status of being the world´s most-used reserve currency. The symbol for the US dollar is "$".

The US dollar has a dominant role in international trade and finance. It is held as a reserve currency and is widely used in international transactions. Countries that decide to peg their currency often use the US dollar as the anchor currency. For example, most currencies in the GCC are pegged against the US dollar.

The exchange rate of the US dollar is determined in the foreign exchange market. Factors that determine the value of the US dollar include interest rates, inflation, economic indicators, geopolitical events, and investor sentiment.

The US dollar is divided into 100 smaller units called "cents". The US dollar banknotes are printed as $1, $5, $10, $20, $50, and $100. US coins come in denominations of 1 cent (penny), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), and 50 cents (half dollar).

 

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The data is sourced from third-party providers. This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice.

FAQ


What is the strongest currency in the world?

The Kuwaiti dinar is the strongest currency in the world and it has been the official currency of Kuwait since 1961, when it replaced the Gulf rupee.



Milan Cutkovic

Milan Cutkovic

Milan Cutkovic has over eight years of experience in trading and market analysis across forex, indices, commodities, and stocks. He was one of the first traders accepted into the Axi Select programme which identifies highly talented traders and assists them with professional development.

As well as being a trader, Milan writes daily analysis for the Axi community, using his extensive knowledge of financial markets to provide unique insights and commentary. He is passionate about helping others become more successful in their trading and shares his skills by contributing to comprehensive trading eBooks and regularly publishing educational articles on the Axi blog, His work is frequently quoted in leading international newspapers and media portals.

Milan is frequently quoted and mentioned in many financial publications, including Yahoo Finance, Business Insider, Barrons, CNN, Reuters, New York Post, and MarketWatch.

Find him on: LinkedIn


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