Position 1: Kuwaiti Dinar (KWD)
The Kuwaiti Dinar (KWD) is the country’s official currency. The name dinar comes from the Roman denarius. The KWD is divided into 1000 fils, a coin that is used in many Arab countries. The Kuwaiti Dinar is widely regarded as the world’s most powerful currency. Kuwaiti Dinar, abbreviated as KWD, is widely used in oil-related transactions in the Middle East. The Kuwaiti dinar is the strongest circulating currency as of May 2021, with one Kuwaiti dinar equaling 3.32 US dollars. Kuwait has no taxes and a relatively low unemployment rate. Click here to convert the rupee to Kuwaiti dinar (KWD).
The Kuwaiti dinar (KWD) was introduced in 1961 as a replacement for the Gulf rupee. The Gulf rupee was a currency tied to the Indian rupee. The Gulf rupee, issued by the Indian government in 1959, was intended for use outside of India, primarily in the Persian Gulf region. The Gulf rupee, like the Indian rupee, was pegged to the British pound sterling (GBP).
Position 2: Bahraini Dinar
As of May 2021, the Bahraini dinar is the second most valuable circulating currency, with one Bahraini dinar equaling 2.65 US dollars, slightly behind the Kuwaiti dinar, which is worth 3.32 US dollars. Bahrain is an island nation in the Persian Gulf with a population of slightly over one million inhabitants. Its primary source of revenue, like Kuwait’s, is global gas and petroleum export. Surprisingly, the Saudi Riyal, along with the Bahraini Dinar, is officially recognised as legal money in Bahrain. Their exchange rate is also set, with 1 Dinar equaling 10 Riyals.
Position 3: Omani Rial
The Oman Rial is the national currency of Oman, which is located on the Arabian Peninsula, and it is currently ranked third among the world’s most valuable currencies. Before 1940, Oman’s local currency was the Indian rupee (INR), which was quickly replaced by a more powerful currency. Oman’s economy is based mostly on its oil reserves, which are located on the southeastern coast of the Arabian Peninsula. The Omani riyal is tied to the US dollar.
Position 4: Jordanian Dinar
Jordan’s official currency is the Jordanian Dinar (JOD), which is an Arabic country on the Jordan River. Jordan’s government maintains stable exchange rates, which is one of the main reasons behind the currency’s high value. Jordan, unlike its neighbors, is not overly reliant on oil exports, which is a positive thing because its economy is diverse across several sectors.
The Jordanian Dinar, which was introduced in 1949 to replace the Palestinian pound, has been tied to the US Dollar for the past two decades.
Position 5: British Pound Sterling
The United Kingdom’s national currency, the British Pound Sterling, is ranked fifth among the world’s most valuable currencies. The Pound Stirling is frequently regarded as the world’s strongest currency; yet, it trails four Arabian currencies in terms of strength.
The decision by the United Kingdom to exit the European Union has had a detrimental impact on the value of the Pound.
Despite this, it is the world’s oldest currency in circulation and one of the most exchanged. The cable, or GBP/USD, is the third most traded currency pair in the FX market.
Position 6: Gibraltar Pound
Gibraltar’s currency is the Gibraltar pound. It is tied to the British pound sterling at par value and can be exchanged for it. The Government of Gibraltar mints and prints Gibraltar pound coins and banknotes.
Position 7: Cayman Islands Dollar
The Cayman Islands are a British territory in the Caribbean that is well-known as one of the best tax havens in the world. A number of the world’s largest banks, hedge funds, and insurance firms rely on them for banking licenses. The Cayman Islands are a group of islands in the Caribbean. The Cayman Islands’ currency is the dollar. The most popular Cayman Islands Dollar exchange rate is the USD to KYD rate. Many people are unaware that the Cayman Island Dollar is one of the most powerful Caribbean currencies. The Cayman Island Dollar, which has been in circulation since 1972, is also one of the world’s newest currencies.
Position 8: European Euro
The EURO was approved as the European Union’s principal currency on January 1, 1999.
It is the world’s second most valuable currency and the official currency of 19 of the EU’s 28 member countries. In addition, this currency has the highest currency exchange rate in the globe. If you look attentively, you’ll notice that this currency has been strengthening over the last few years, which is why it has such a foothold in the world market. As a lot of countries are members of this union, it is functional throughout the vast majority of European countries. Also, it is counted in the list of the highest currency in the world in 2018 and 2019.
Position 9: Swiss Franc
Switzerland is one of the world’s wealthiest countries, with a long history in banking and finance.
With some of the world’s toughest monetary policies and lowest debt levels, many investors regard the Swiss Franc as a “Safe Bet,” opting to park some of their capital in the country’s official currency. Swiss Franc is often utilised in bank deposits where money is sent to offshore accounts, as it is one of the world’s strongest currencies. This is the world’s only currency that is not impacted by inflation.
Position 10: US Dollar
The US dollar is the world’s most important reserve currency. No currency, it is argued, will ever be able to replace the US Dollar as the most traded currencies. It is a worldwide currency backed by the United States’ global political power. Despite being in high demand when it comes to conversion, the US Dollar is far below the list of the world’s strongest currencies. The US Dollar is one of the most widely used currencies in the world, although it is ranked tenth among the world’s most valuable currencies.