Top 15 Strongest Currencies in the World: Throughout history, commerce has evolved significantly. From bartering to the creation of money, human commerce has transitioned a long way.
Currently, Each country has its own currency for conducting business, and these currencies have different values in comparison to each other. In this article, we’ll explore the top 15 strongest currencies worldwide and see where each of them stands in terms of Indian Rupees.
Top 15 Strongest Currencies in the World
Following is the list of the Top 15 Strongest Currencies in the World as of October 2023:
1. Kuwaiti dinar
Kuwait’s official currency is the Kuwaiti dinar (KWD). It was launched in 1961 as a replacement for the Gulf rupee. The currency is subdivided into 1,000 fils.
The Kuwaiti economy is primarily based on oil exports, and the Kuwaiti dinar is frequently regarded as a safe-haven currency due to the country’s excellent financial position.
The value of the Kuwaiti dinar has increased by 26.96% compared to the Indian Rupee in the past 5 years.
The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 269.03 Indian Rupees (1 KWD= 269.03 INR).
2. Bahrain dinar
The Bahrain dinar, or BHD, is the world’s second most powerful currency. The Bahraini dinar was launched in 1965 to replace the Gulf rupee and is currently issued by the Central Bank of Bahrain. It is divided into 1000 fills, as are the majority of the Arabic currencies on this list. The Bahraini dinar is a local currency that is tied to the US dollar.
The value of the Bahraini Dinar has increased by 26.55% compared to the Indian Rupee in the past 5 years. Currently, with 1 Bahraini Dinar, can buy you 220.65 Indian Rupees (1 BHD= 220.65 INR).
3. Omani rial
Oman’s official currency is the Omani rial, which replaced the Saidi rial in 1973. The Central Bank of Oman is responsible for issuing the currency, which is divided into 1,000 baisa.
The Omani rial swiftly gained value following its introduction, owing to the prosperity of Oman’s oil exports and being pegged against the US dollar.
The value of the Omani Rial has increased by 23.99% compared to the Indian Rupee in the past 5 years. Currently, with 1 Omani Rial, can buy you 216.01 Indian Rupees (1 OMR= 216.01 INR).
4. Jordanian dinar
The Jordanian dinar (JOD) is the official currency of Jordan which is divided into 100 qirsh or 1000 fils. This currency was introduced in 1950 to replace the Palestinian pound and was issued by the Central Bank of Jordan.
Jordan’s economy is classified as a small open economy that heavily depends on tourism and remittances as major sources of revenue. The country’s primary exports include pharmaceuticals, potash, and phosphates.
The value of the Jordan dinar has increased by 13.84% compared to the Indian Rupee in the past 5 years. Currently, with 1 Omani Rial, can buy you 117.24 Indian Rupees (1 JOD= 117.24 INR).
5. Pound Sterling
The pound sterling (GBP), also referred to as the British pound or sterling, is the official currency of the United Kingdom and its overseas territories. It holds the distinction of being the oldest currency that is still in use and has been continuously used since its creation.
After the US dollar, the euro, and the Japanese yen, the pound sterling (GBP) is the fourth most commonly traded currency in the foreign exchange market.
The value of the Pound sterling has increased by 4.07% compared to the Indian Rupee in the past 5 years. Currently, 1 Pound sterling, can buy you 100.99 Indian Rupees (1 GBP= 100.99 INR).
6. Cayman Islands dollar
The Cayman Islands dollar (KYD) serves as the official currency of the Cayman Islands, a British Overseas Territory nestled in the Caribbean Sea. This currency was first introduced in 1972 as a replacement for the Jamaican dollar, with a one-to-one exchange rate.
The Cayman Islands Monetary Authority (CIMA) is responsible for issuing this currency, as it serves as the central bank of the Cayman Islands.
The value of the Cayman Islands dollar has increased by 9.55% compared to the Indian Rupee in the past 5 years. Currently, 1 Cayman Islands dollar can buy you 99.86 Indian Rupees (1 KYD= 99.86 INR).
7. Euro
The Euro or EUR is one of the newest currencies and is the official currency of 19 countries. This makes it the most widely used ‘official currency’ in the world.
The euro came into existence on 1 January 1999 as an accounting currency, replacing the European Currency Unit (ECU). By March 2002, it had completely replaced the former currencies.
It is known to be the world’s second reserve currency and the second most traded currency on the foreign exchange market, only preceded by the US dollar.
The value of the Euro has increased by 2.45% compared to the Indian Rupee in the past 5 years. Currently, 1 Euro can buy you 87.45 Indian Rupees (1 EUR= 87.45 INR).
8. Swiss Franc
The Swiss Franc (CHF) is the national currency of Switzerland and Liechtenstein. The currency was introduced in 1850 and replaced the many currencies that were used by the different cantons of Switzerland at the time.
The Swiss National Bank (SNB) is responsible for issuing this currency, as it serves as the central bank of Switzerland.
Due to its strict monetary policies and low debt levels, the Swiss franc has become a popular choice for traders and currency storers, ranking as the 7th most traded currency in the world.
The value of the Swiss franc has increased by 16.63% compared to the Indian Rupee in the past 5 years. Currently, 1 Swiss franc can buy you 90.89 Indian Rupees (1 CHF= 90.89 INR).
9. United States Dollar
The United States dollar is utilized as the official currency in the United States and numerous other nations. It is also the primary reserve currency worldwide and is held by a majority of central and commercial banks across the globe.
The US dollar’s extensive use has resulted in it being involved in approximately 88.3% of daily trades in the foreign exchange market.
The value of the United States dollar has increased by 9.52% compared to the Indian Rupee in the past 5 years.
Currently, 1 United States dollar can buy you 83.20 Indian Rupees (1 USD= 83.20 INR).
10. Canadian dollar
The Canadian dollar (CAD), also known as the loonie, is the official currency of Canada. It is issued by the Bank of Canada, which is the central bank of Canada.
It is a highly sought-after currency for central banks to keep as foreign exchange reserves, thanks to Canada’s stable legal and political systems. Furthermore, it is a frequently traded currency in the forex market, making up approximately 5% of the daily trades worldwide.
The value of the Canadian dollar has increased by 4.21% compared to the Indian Rupee in the past 5 years. Currently, 1 Omani Rial can buy you 60.69 Indian Rupees (1 CAD= 60.69 INR).
11. Bruneian Dollar
Since 1967, the Sultanate of Brunei has used the Brunei dollar (BND) as its official currency. At face value, the Brunei dollar and the Singapore dollar are convertible, and both currencies are legal tender in both countries. This currency is issued by the Autoriti Monetari Brunei Darussalam.
The value of the Bruneian Dollar has increased by 6.57% compared to the Indian Rupee in the past 5 years.
Currently, 1 Bruneian Dollar can buy you 60.89 Indian Rupees (1 BND= 60.89 INR).
12. Singapore dollar
The Singapore dollar (SGD), often known as the Sing, is the Republic of Singapore’s national currency. It was launched in 1967 to replace the Malaysian ringgit. It is issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank.
Currently, it is the 13th most traded currency on the forex market, accounting for around 1.8% of daily forex trading.
The value of the Singapore dollar has increased by 7.25% compared to the Indian Rupee in the past 5 years.
Currently, 1 Singapore dollar can buy you 60.72 Indian Rupees (1 SGD= 60.72 INR).
13. Australian dollar
The Australian dollar (AUD) is Australia’s official currency; it is also used by its foreign territories and several Pacific island countries. Although it is not the world’s most valuable currency, it is extremely valuable and one of the most stable currencies on our list.
The Australian dollar is also the 5th most traded currency on the forex market, accounting for around 6.8% of daily transactions.
The value of the Australian dollar has increased by merely 0.30% compared to the Indian Rupee in the past 5 years.
Currently, with 1 Australian dollar can buy you 52.70 Indian Rupees (1 AUD= 52.70 INR).
14. New Zealand Dollar
The New Zealand dollar (NZD), sometimes referred to as the Kiwi dollar, is the official currency of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and the British territory of Pitcairn Islands.
This currency replaced the New Zealand pound in 1967. It is issued by the Reserve Bank of New Zealand (RBNZ), the country’s central bank.
The value of the New Zealand Dollar has increased by only 1.31% compared to the Indian Rupee in the past 5 years. Currently, 1 New Zealand dollar can buy you 49.71 Indian Rupees (1 NZD= 49.71 INR).
15. Bulgarian Lev
The Bulgarian lev (BGN) is the official currency of Bulgaria. It was introduced in 1881, replacing the Ottoman lira and is one of the oldest currencies in the world that is still in use. This currency is issued by the Bulgarian National Bank (BNB), which is the central bank of Bulgaria.
The value of the Bulgarian Lev has increased by merely 1.9% compared to the Indian Rupee in the past 5 years. Currently, 1 Bulgarian Lev can buy you 44.98 Indian Rupees (1 BGN= 44.98 INR).
In Closing
We have come to the end of the article on ‘Top 15 Strongest Currencies in the World’. As we conclude our article, it’s important to keep in mind that the value of currencies is always subject to change.
This can be due to a variety of factors, such as interest rates, economic growth, inflation, and more. Therefore, the ranking of currencies can vary over time depending on these fluctuations. Do let us know about the Top 15 Strongest Currencies in the World in the comments section below.
Written By Aaron Vas
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