Top 10 strongest currencies in the world

Money know-how
22 Oct 2023
9 mins read
Written by pranit

The United Nations has recognized 180 currencies of different countries as legal tender. And each currency’s value is determined the same way as any other good or service. The demand and supply market economy determines currency strength or currency appreciation and depreciation. Thus, a currency’s popularity and wide usage do not necessarily mean it is high in value or the strongest.

 

When we think about the strongest currencies in the world, we immediately think of the US dollar or the British pound. Although they may be widely used currency, they are not the most valuable currencies in the world.

 

The highest currency in the world is determined by its high value when traded for INR. Therefore, the currency strength plays a fundamental role in influencing the country’s stand in world politics and the global economy.

 

In this blog, we shall put a spotlight on the top 10 highest currencies in the world and factors that make a currency strong or weak. 

What makes a currency strong or weak?

A country’s currency strength is how much money it can buy with its own money. It is measured by how many goods or services it can get for one unit of its own money.

 

For example, if the USD dollar is worth half the Euro, the Euro will be considered stronger. Alternatively, the USD is considered weaker than the Euro. So, it would be easier for someone from France to afford a vacation in the US than a person from the US to afford a vacation in France. Also, a product or service in France would cost more for an American and vice versa.

 

Thus, a currency’s strength can be determined by several factors, including:

 

  • Demand and supply in the foreign exchange market
  • Central Bank’s interest rates
  • Growth and inflation of the economy
  • Country’s balance of trade (difference between exports and imports of a country in a particular period)

Top 10 Highest Currencies in the World

To compare the value of the currencies, we have used the INR as the base currency. The strongest among all country currencies is the one that is the most expensive currency in the world compared to the INR. Also, since USD is one of the most widely used currencies, we have added the value of the most influential currencies in the world compared to USD.

 

Sr. No.

Currency

Value of

USD Value

INR Value

EUR Value

10

United States Dollar

1 USD

82.89

1.07

9

Euro

1 EUR

1.07

88.96

8

Swiss Franc

1 CHF

1.12

93.07

0.95

7

Cayman Island Dollar

1 KYD

1.2

99.64

0.89

6

Gibraltar Pound

1 GIP

1.25

103.77

0.86

5

British Pound

1 GBP

1.25

103.77

1.16

4

Jordanian Dinar

1 JOD

1.41

117.06

1.31

3

Omani Rial

1 OMR

2.6

215.31

2.41

2

Bahraini Dinar

1 BHD

2.65

219.87

2.46

1

Kuwaiti Dinar

1 KWD

3.24

268.72

3.01

*Currency rates as of 11 Sept, 6:52 am UTC.

World’s Strongest Currencies

strongest currency

 

Must Read: Top 10 cheapest currencies in the world

10. United States Dollar (USD)

The world’s most traded currency, the United States Dollar (USD), makes it to the top 10 highest currencies in the world. The USD to EUR rate is the most commonly used US Dollar exchange rate.

 

Although not regarded as the most expensive currency in the world, the USD is the primary reserve currency due to its high trade volume.

Symbol

$

ISO 4217 Code

USD

Central Bank

European Central Bank

Denominations

Bills: $1, $2, $5, $10, $20, $50, $100

Coins: 1¢, 5¢, 10¢, 25¢, 50¢, $1

Currencies Pegged to USD

Over 66 countries are pegged to USD

USD is Pegged to

None

9. Euro (EUR)

The Euro (EUR) is the official currency of 20 out of 27 EU member countries of the European Union (EU). The Euro is one of the costliest currencies in the world and also the second-most-used currency worldwide. Currently, one Euro is valued at 88.96 INR.

Symbol

ISO 4217 Code

EUR

Central Bank

European Central Bank

Denominations

Banknotes: €5, €10, €20, €50, €100, €200, €500

Coins: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2

Currencies Pegged to EUR

Bosnia and Herzegovina convertible mark

Danish krone

Bulgarian lev

Cape Verdean escudo

14 countries in mainland Africa (CFA franc)

3 French Pacific territories (CFP franc)

Comorian franc

Cape Verdean escudo

Macedonian denar

Croatian kuna

Maltese scudo

Moroccan dirham

São Tomé and Príncipe dobra

Moroccan dirham

EUR is Pegged to

None

8. Swiss Franc (CHF)

The Swiss Franc (CHF) is the official currency of Switzerland, Liechtenstein, and the Italian exclave of Campione d’Italia and was introduced in 1850. Since Switzerland is one of the most stable countries, the CHF stands at the 8th in terms of value in the world currency list. Due to low inflation rates and a stable economy, the Swiss Franc is considered among the safe haven currencies.

 

Symbol

CHF, Fr., SFr.

ISO 4217 Code

CHF

Central Bank

Swiss National Bank

Denominations

Banknotes: 10, 20, 50, 100, 200, 1,000 francs

Coins: 5, 10, 20 centimes, 1⁄2, 1, 2, 5 francs

Currencies Pegged to CHF

None

CHF is Pegged to

None

7. Cayman Island Dollar (KYD)

The Jamaican Dollar was used as the official currency of the Cayman Islands till 1972. It was then replaced by the Cayman Islands Dollar (KYD) at par. The KYD is one of the Caribbean’s strongest currencies and a strong emerging market currency globally.

 

Symbol

$

ISO 4217 Code

KYD

Central Bank

Cayman Islands Monetary Authority

Denominations

Bills: 1, 5, 10, 25, 50, 100 dollars

Coins: 1, 5, 10, 25 cents

Currencies Pegged to KYD

None

KYD is Pegged to

1 USD = KYD$ 1.20

6. Gibraltar Pound (GIP)

The Gibraltar Pound (GIP) is the official currency of the British overseas territory of Gibraltar and is also one of the most valuable currencies in the world. It is pegged at par value to the British pound (GBP); hence, both the GBP and GIP are acceptable in Gibraltar. The economy of Gibraltar primarily depends on the sectors like tourism and e-gaming.

 

Symbol

£

ISO 4217 Code

GIP

Central Bank

Government of Gibraltar

Denominations

Bills: £5, £10, £20, £50, £100

Coins: 1p, 2p, 5p, 10p, 20p, 50p. £1, £2, £5

Currencies Pegged to GIP

None

GIP is Pegged to

GBP at par

5. British Pound (GBP)

The British Pound Sterling, or the GBP⁠, is the official currency ofin the United Kingdom and its territories. It is not only one of the most expensive currencies in the world but also the oldest currency still used as legal tender. GBP has one of the highest trading volumes. The most common trading pairs involving the GBP are the Euro (EUR/GBP) and the US dollar (GBP/USD).

 

Symbol

£

ISO 4217 Code

GBP

Central Bank

Bank of England

Denominations

Bills: £1, £5, £10, £20, £50, £100

Coins: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2

Currencies Pegged to GBP

Falkland Islands pound

Gibraltar pound

Guernsey pound

Jersey pound

Manx pound

Saint Helena pound

Scotland notes

Northern Ireland notes

GBP is Pegged to

None

4. Jordanian Dinar (JOD)

Jordan used the Palestinian pound as its official currency until 1949. In 1950, the Jordanian Dinar (JOD) replaced the Palestinian pound. The dinar has smaller denominations or subunits. Ranked as the 4th most powerful currency in the world, 1 JOD equals 117.06 INR.

 

Symbol

ISO 4217 Code

JOD

Central Bank

Central Bank of Jordan

Denominations

Bills: 1, 5, 10, 20, 50 dinars

Coins: ½, 1 qirsh. 2½, 5, 10 piastres. ¼, ½, 1 dinar

Currencies Pegged to JOD

None

JOD is Pegged to

1 USD = 0.709 Dinar

3. Omani Rial (OMR)

Omani Rial (OMR) is the official currency of Oman. The Indian rupee (INR) and the Maria Theresa were used as national currencies. Later, the Saudi Riyal was the official currency of Oman in 1970 when it replaced the Gulf Rupee. In 1973, the Omani Rial replaced Saudi Riyal to become the country’s official currency. Oman’s economy relies predominantly on oil reserves, and the currency is considered one of the highest currencies in the world.

 

Symbol

ISO 4217 Code

OMR

Central Bank

Central Bank of Oman

Denominations

Bills: 100, 200 baisa. ½, 1, 5, 10, 20, 50 rials

Coins: 5, 10, 25, 50 baisa

Currencies Pegged to OMR

None

OMR is Pegged to

1 USD = 0.3845 Rial

2. Bahraini Dinar (BHD)

Located in the Arabian Gulf, Bahrain holds the second costliest currency in the world, the Bahraini Dinar. The currency replaced the Gulf Rupee in 1965, and in 1980, it was pegged to USD with IMF’s special drawing rights. Indians are Bahrain’s largest expat group, and INR to BHD is quite commonly used. The value of 1 BHD equals 219.87 INR, making it the second most expensive currency in the world.

 

Symbol

BD

ISO 4217 Code

BHD

Central Bank

Central Bank of Bahrain

Denominations

Bills: BD ½, BD 1, BD 5, BD 10, BD 20

Coins: 5, 10, 25, 50, 100 fils. BD ½

Currencies Pegged to BHD

None

BHD is Pegged to

1 USD = BD 0.376

1. Kuwaiti Dinar (KWD)

The Kuwaiti Dinar is the official currency of Kuwait and the costliest currency in the world. It was introduced in 1961 by replacing the Gulf Rupee and was equivalent to the British Pound. Since Kuwait has proven to be the world’s largest crude oil reserves, the Kuwaiti Dinar (KWD) is commonly used in oil-based transactions in the Middle East. KWD is the most valuable currency in the world as 1 Kuwaiti Dinar is 268.72 INR (Indian Rupees). It remains the world’s most powerful currency, owing to Kuwait’s economic stability.

 

Symbol

KD

ISO 4217 Code

KWD

Central Bank

Central Bank of Kuwait

Denominations

Bills: ¼, ½, 1, 5, 10, 20 dinars

Coins: 5, 10, 20, 50, 100 fils

Currencies Pegged to KWD

None

KWD is Pegged to

None

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Must Read: 7 key factors that influence foreign exchange rates

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Frequently Asked Question

What is the top 20 highest currency in the world?

Rank

Currency

1.

Kuwaiti Dinar

2.

Bahraini Dinar

3.

Omani Rial

4.

Jordanian Dinar

5.

British Pound

6.

Gibraltar Pound

7.

Cayman Island Dollar

8.

Swiss Franc

9.

Euro

10.

United States Dollar

11.

Bahamian dollar

12.

Panamanian Balboa

13.

Bermudian dollar

14.

Canadian dollar

15.

Singapore dollar

16.

Brunei dollar

17.

Australian dollar

18.

New Zealand dollar

19.

Bulgarian lev

20.

Fijian dollar

Which is the lowest currency?

The Iranian Rial is the world’s lowest currency. 1 INR equals 509.07 Iranian Rial as of 11 Sep 2023.

Is the US Dollar the strongest currency in the world?

The US Dollar is certainly the most-traded currency, but the Kuwait Dinar is the strongest currency in the world.

Which is the most stable currency in the world?

The Swiss franc (CHF) is generally considered the most stable currency among all the countries and their currencies. It is also considered a safe-haven currency.

How often does the exchange rate fluctuate?

Exchange rates fluctuate or move constantly based on various factors like the country’s economic conditions, supply, and demand market forces, changing monetary policy, or if it is a fixed currency, then the value of another currency or a basket of currencies, etc.

What are the seven major currency pairs? 

The seven major currency pair includes:

 

  1. Euro and US dollar (EUR/USD)
  2. US dollar and Japanese yen (USD/JPY)
  3. British pound sterling and US dollar (GBP/USD)
  4. US dollar and Swiss franc (USD/CHF)
  5. Australian dollar and US dollar (AUD/USD)
  6. US dollar and Canadian dollar (USD/CAD)
  7. New Zealand dollar and US dollar (NZD/USD)

 

Disclaimers:

 

This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

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Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.

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