11 Strongest Currencies In The World

As we have seen over the years, the world economy has changed drastically. Most countries in the world fight to gain value for their currency and rule the world. Some countries may see a rise in their currency value and some countries may struggle to reach the top. 

We all know that the US Dollar is the only form of currency that most countries use for international trading. But, do you know there are other countries whose currencies are much stronger than the US Dollar? It is very difficult to track the performance of the currencies in the international market as it fluctuates frequently.

In this blog let us explore which currencies are holding much stronger currency than the US Dollar in the world.

Here is the list of the 11 strongest currencies in the world as of 2023:

1. Kuwaiti Dinar (KWD)

Kuwait is a small country having 44 lakhs population, contributing $164.71 billion to its GDP. The major contributors to its GDP are the industries and the service sector. Its currency has been valued remarkably high due to its generous oil reserves which contribute 80% to the country’s GDP. It majorly exports oil and refined products, light vessels, acyclic alcohols, floating docks, and dredgers.

Due to its immense contribution to the economy and GDP, Kuwaiti Dinar stands at the prime position in means currency value. 1 Kuwaiti Dinar is equal to 267.59 Indian Rupees, making it one of the highest-valued countries in the world.

2. Bahrain Dinar (BHD)

This is the second strongest currency in the world just behind the Kuwaiti Dinar. Bahraini Dinar is known for its resistance to inflation and other external factors. Due to its abundant reservoir of Oil and Gas, it has accrued most of its income from exports and eventually strengthened its currency. Bahrain contributes 85% to its GDP by its Oil and Gas exports.

In exchange for 1 Bahrain Dinar, we receive 217.62 Indian Rupees. Even after having its strongest currency, it cannot tender its currency in Saudi Arabia.

Also read: Forecasting the Impact of Global Events on the GBP Exchange Rate

3. Omani Rial (OMR)

In 1970, the currency known as the Saidi Rial was introduced. It was named after Oman’s Sultanate and the House of Al Said. With its abundant oil reserves and various modernization initiatives, Oman has successfully diversified its economy. As a result, it now boasts a strong and advanced economic landscape with a notably high standard of living. 

In exchange for 1 Omani Rial, you get 212.85 Indian Rupees. Additionally, it has experienced rapid appreciation due to successful oil exports and its peg to the US dollar.

4. Jordanian Dinar (JOD)

Jordan, a country mostly surrounded by land rather than water, shares borders with Egypt, Syria, Iraq, and Saudi Arabia. Unlike its neighboring countries, Jordan is not heavily reliant on oil and gas exports. However, it faces the challenges of sluggish economic growth and rising debt. 

Since 1950, the Jordanian dinar (JOD) has been used as the official currency in Jordan, replacing the Palestinian pound. For the exchange of 1 Jordanian Dinar, you receive 115.64 Indian Rupees. Over time, it has gained recognition as one of the top global currencies in terms of strength. 

5. British Pound (GBP)

The Great British Pound, also known as pound sterling or GBP, is ranked as the fifth most valuable currency worldwide. It holds the distinction of being the oldest currency since the year circa 800, still in use today. While it may not hold the top spot in terms of currency strength, the GBP has established itself as a strong competitor due to its advanced economy and London’s role as a prominent financial hub. The Great British Pound is the 4th highest-traded currency in the globe.

Great British Pound Profile & Info

Being one of the most powerful and widely used currencies globally, it continues to maintain its influence, with its exchange rate against the dollar famously referred to as “the cable.” In exchange for 1 GBP, you receive 106.75 Indian Rupees.

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6. Cayman Islands Dollar (KYD)

The Cayman Islands Dollar is the sixth strongest currency in the world. The currency known as the Cayman Islands Dollar came into existence in 1972 when it separated from the Jamaican Dollar. For a few months in that year, it was used alongside the Jamaican Dollar as legal tender. It is highly regarded by banks, hedge funds, and insurance companies due to the Cayman Islands’ reputation as a tax haven. 

Currently, 1 Cayman Islands Dollar is nearly equal to 99.53 Indian Rupees. Cayman Islands Dollar is the only Caribbean currency to list in the top 11 strongest currencies in the list.

7. Gibraltar Pound (GIP)

Gibraltar Pound holds the seventh strongest currency worldwide. Since 1927, Gibraltar has been issuing its own banknotes and, starting in 1988, its own coins too. In 1971, Gibraltar underwent decimalization, following the conversion of the UK. This change replaced the previous system where one pound was equal to 20 shillings or 240 pence with a new system where one pound is equivalent to 100 new pence.

As Gibraltar falls under British territory, you can use Gibraltar pound/Great British Pound across the countrywide. One Gibraltar Pound equates to 106.11 Indian Rupees.

8. Swiss Franc (CHF)

The Swiss Franc ranked as the eighth-most strongest currency in the world. Its economy is known for its stability and low inflation rates. Switzerland stands as the top wealthiest country due to its economic policies, financial transparency, and low bank interest rates.

The Swiss Franc acts as the safest currency trading for investors at uncertain economic times. Due to its uncompromising monetary policies and lower debts, it has drawn the attention of investors to showcase its protection and security measures taken towards its currency. For one Swiss Franc, you are exchanging 94.77 Indian Rupees.

Also read: The Ins And Outs Of The Impactful USD To INR Forecast

9. Euro (EUR)

“I knew that I could never win a referendum in Germany. We would have lost a referendum on the introduction of the euro. That’s quite clear. I would have lost, and by seven to three.” – Helmut Kohl, a German politician who served as Chancellor of Germany from 1982 to 1998.

The Euro, which is represented by EUR, is the official currency used by 20 out of the 27 countries in the European Union (EU). The euro currency was brought into existence on January 1, 1999. The purpose of this currency is to build an interdependency between the European countries. It is also considered the second-largest reserve currency in the world. Despite being a relatively new currency, it has gained widespread acceptance and is now recognized as one of the most widely used “official currencies” globally. 

Euro Profile & Info

Additionally, the Euro holds a significant position in foreign exchange trading and is considered the second most actively traded currency after the US dollar. When converted to one Euro it equates to approximately 91.45 Indian Rupees.

10. The US Dollar (USD)

The US dollar has always been recognized as a symbol of global financial importance. It remains the primary reserve currency worldwide, accounting for a substantial 58.81% of global reserves. Interestingly, it also carries the patriotic inscription “In God We Trust” as per a law enacted in July 1955 by the joint resolution of the 84th Congress (Pub. L. 84–140), with approval from President Dwight Eisenhower. This stronghold on the global economy is closely linked to the fact that oil, which plays a crucial role in determining the value of major currencies, has been priced in dollars since the 1970s. The connection between oil and the dollar has been upheld due to the USA’s influential economic and military power, along with the widespread availability of the dollar, leading to the almost exclusive use of dollars for oil transactions and maintaining a monopoly for the US. 

United States Dollar Profile & Info

As a result, many countries hold substantial reserves in dollars, including excess dollars specifically designated for oil transactions known as petrodollars. With its origins dating back to the 1700s, the US dollar is recognized as a legal tender within not only the United States but also its territories and sovereign nations such as Puerto Rico, Ecuador, and Zimbabwe. The widespread acceptance of this currency contributes greatly to its dominance in global financial activities, accounting for around 88.3% of daily trading in foreign exchange markets worldwide.

11. Canadian Dollar (CAD)

The Canadian dollar (CAD), which is the official currency of Canada, is highly regarded by central banks around the world for its stability in terms of legal and political environment. It is well known in the forex trading market, accounting for approximately 5% of daily trades globally. Although it ranks 11th among the strongest currencies, with around 1.31 Canadian dollars being equal to one US dollar, its global significance goes beyond its value. 

Canadian Dollar Profile & Info

It came into existence in 1867 when the provinces of Canada, New Brunswick, and Nova Scotia merged to form the Canadian Federation. The uniformity of currency was established through the Uniform Currency Act of 1871, officially adopting the Canadian dollar as the national currency. Interestingly, the one-dollar coin features an image of a common loon bird and has earned itself a colloquial nickname. ‘Loonie.’

Also read: Inside Look At The Canadian Dollar Forecast

Conclusion

Here are some of the strongest currencies mentioned in the blog as of today. Due to constant fluctuations in currency value, countries may fall under different ranks accordingly. So, If you are an international traveller and looking for the best Forex services moneyHOP would be the best choice. In order to have all the currencies handled in a single account, with minimal charges and ease of transactions across the globe, HOP Card by moneyHOP will be the best solution. With this HOP Card, you can send and spend your money in multi-currencies seamlessly & borderless with moneyHOP’s Flagship product HOPApp + HOP Debit & Forex Card powered by VISA. More than 150+ countries have the acceptance of this card and you can save up to 3.25% on your spending internationally. With the Smart App, you can top-up and convert your currencies in real-time.