Almost every economy in the world has had to modify and adapt since the start of 2020 as a result of the COVID-19 worldwide pandemic. Surprisingly, not much changed in terms of the rankings of the top currencies in the world despite all the difficulties that various nations encountered.
We’ll look at the top 10 strongest currencies in the world on the foreign exchange market as they compare to the exchange rate of the most widely traded currency in the world right now, the U.S. Dollar. Currently, the United Nations recognizes around 180 different currencies (USD).
*All conversion rates were gathered using historical currency data from Google Finance.
The Top 10 List of World’s Highest Currencies:
1: Kuwaiti Dinar (KWD): [$3.30 USD = 1 KWD]
Despite Kuwait’s small size, its contribution to the world’s oil sector has made it one of the wealthiest nations, with a total estimated value of $71.58 billion. As a result, the Kuwaiti dinar remains the world’s strongest currency.
2: Bahraini Dinar (BHD): [$2.65 USD = 1 BHD]
Bahrain, another nation whose exports are more well-known than its size, has amassed nearly $69 billion in riches by exporting petroleum products. As the second most costly currency in the world, this has significantly contributed to the Bahraini dinar’s continuing strength.
3: Omani Rial (OMR): [$2.60 USD = 1 OMR]
Another powerful economy built on the export of oil reserves is Oman’s. It’s interesting to note that despite having the lowest oil reserves in this part of the globe, Oman really controls the most oil due to its position in the Persian Gulf and the size of its deposits. This undoubtedly had a role in the country’s national currency continuing to rank among the strongest in the world.
4: Jordanian Dinar (JOD): [$1.41 USD – 1 JOD]
Jordan’s economy is tiny and well-diversified, unlike the top 3 nations, which all rely mostly on petroleum exports. The Jordanian dinar is one of the world’s strongest currencies for a variety of reasons, including commerce, banking, manufacturing, and mining.
5: Pound Sterling (GBP): [$1.34 USD = 1 GBP]
The Pound Sterling is accepted as the official currency of the United Kingdom and several of its royal dependencies and overseas territories. Despite the fact that several regions issue their own distinctive variants of the Pound Sterling, such as the well-known British Pound Sterling or Gibraltar Pound, they are all equally valuable.
6: Cayman Islands Dollar (KYD): [$1.20 USD = 1 KYD]
The Cayman Islands Dollar is one of the world’s strongest currencies, which is not surprising given that the area is well-known for being a tax haven. In truth, the Cayman Islands don’t base its currency rate primarily on exporting natural resources as some other well-known currencies do; instead, they provide offshore banking services to hundreds of hedge funds, insurance firms, and financial organizations.
7: Euro (EUR): [$1.12 USD = 1 EUR]
19 of the 27 European nations that make up the European Union use the Euro as their official currency. This collection of nations is referred to as the Euro Area (or Eurozone). The Euro is consistently strong because it is used by some of the richest nations in the world.
8: Swiss Franc (CHF): [$1.08 USD = 1 CHF]
The Swiss franc is regarded as a “safe-haven” currency because of its stability and Switzerland’s very prosperous and stable economy. Who, after all, wouldn’t want to transact in a currency that is so dependable all the time?
9: US Dollar (USD)
What can we say about the USD that you won’t already know? It serves as the benchmark against which the strength of other currencies is measured since it is the official national currency of the United States of America and the most commonly traded currency worldwide. We think the USD will continue to rank among the most valuable currencies for years to come as long as it continues to be such a widely used currency.
10: Canadian Dollar (CAD): [$0.79 USD = 1 CAD]
Although most people don’t think about uranium when they think of Canada, in addition to having enormous crude oil reserves, Canada also has the second-largest supply of uranium in the world. The Canadian dollar swings greatly depends on the continuous value of the USD, unlike the currencies of many other nations due to its close trading ties with the US.