A currency is said to be comparatively strong when its worth is more than other currencies. The values of different currencies go on changing because of the fluctuating financial conditions of the countries. When a country possesses a strong currency, it has benefits for its people. They can travel to other countries spending less money. It also results in cheaper imports, and obviously, their exports are quite expensive. Hence, a country with a powerful currency can enjoy a primary position in the world of trade.
Here, we will talk about the top 10 strongest currencies in the world.
Kuwait is a small but very wealthy country. Most of its income comes from oil reservoirs, which the land is gifted with. Petroleum is extracted and exported because its production is very easy in Kuwait. That’s why petroleum is available at a very cheap value. This currency was introduced back in 1960. In the beginning, its value was equal to that of a pound sterling. Kuwait is also considered one of the wealthiest countries. With high oil production and global oil export, Kuwait enjoys a stable tax-free economy with the least unemployment rate.
You will get just 0.30 Kuwaiti dinar when trading with 1 US dollar.
The second most worthy currency is the Bahraini Dinar. Bahrain is the Persian Gulf and contains a population of almost one million. Just like Kuwait, Bahrain also makes much of its money by the petroleum products exporting. This currency is used only in Bahrain.
You will receive 0.38 Bahrain dinar when exchanging 1 US dollar.
Oman is an Arabic country. Because of its perfect location, it enjoys a stable economy and a good life quality. This currency is divided into 1000 smaller parts called Baisa. The government of the country issues ½ and ¼ rial banknotes because of its remarkably high purchasing power. This country upgraded its quality of life and economic position just after oil and petroleum exports. The Omani Rial also increased its value after that.
You will receive 0.38 Omani Rial when exchanging 1 US dollar.
This country is not very rich, and unlike other countries, it doesn’t export petroleum and not exhibits oil assets. Jordanian Dinar, also known as JOD, is ranked as the fourth-strongest currency in the world. The country used Palestinian Pounds who were replaced by Jordanian Dinar in 1950. This currency is pegged to US dollars for the past 20 years, and this is one of the reasons for its value among all the currencies.
You will get about 0.71 Jordanian dinars after exchanging only 1 US dollar.
The pound sterling is also known as the Great British Pound. The majority of the people think it is the strongest currency globally, but it comes on the fifth number. However, this currency is crowned up the title of the oldest currency still used. It is also the fifth most exchanged currency in the world.
If you exchange 1 US dollar, you are going to receive only 0.75 pounds.
6.The Cayman Islands dollar
The world’s sixth strongest currency is the Cayman Islands dollar. It is an economically developed country as it’s a tax haven. This country provides offshore licenses to hundreds of banks and insurance companies. This currency is called KYD and is the national currency of the nation.
A single US dollar can be exchanged by getting only 0.83 Cayman Islands dollars.
Euro is also called EUR, and astonishingly, it is the official currency of 19 countries. This currency rose in value in the past years and carries the title of being the most widely used official currency. It is also the second most commonly traded currency that comes just after the US dollar.
One United Stated dollar equals to 0.90 Euro.
Switzerland is one of the richest and economically stable countries in the world. It is well-known for the privacy policies of its banking. This country is also famous for its low-debts. This currency holds the title of 7th most widely traded currencies in the world.
One US dollar will get you 0.98 Swiss Francs.
9.United States dollar
This is the official currency of the United States and many other countries. Because of the United States’ leadership over the world’s economy, it is called World Reserve Currency.
Canada is also a wealthy country and its official currency the Canadian dollar is the sixth most traded currency in the world. Canada makes much of its economy due to crude oil reservoirs and the largest Uranium exports.
One USD equals 1.31 Canadian dollars.