Which Country Has The Highest Currency 2024 – In a constantly changing global economy, currency holds unique importance. Currencies determine purchasing power, influence trade and reflect the country’s economic potential.
Currency is seen as a lifeline for global trade. It reflects the economic stability of a country. The strength of a country’s currency is evidence of the stability and strong financial health of that country. As the currency of a country advances, confidence in its economy increases.
Rising currency attracts better investment and promotes international partnerships. The United Nations (UN) has officially recognized 180 currencies around the world as legal tender. Some of these currencies are quite famous and are widely used. But this does not mean that their value is the highest or that it is the strongest currency.
Forbes has released a list of the 10 strongest currencies in the world compared to the Indian rupee as well as the USD, along with the factors that affect the position of the currency.
Which Country Has The Highest Currency 2024 – Top 10 Strongest Currency In The World List 2024
The US dollar is last on the list with one USD being worth ₹ 83.10. Explaining the ranking, Forbes said that the US dollar is the most widely traded currency globally. Despite its popularity, it ranks 10th in the ranking of the strongest currency in the world.
The Indian rupee is ranked 15th with a value of 82.9 per US dollar. The Kuwaiti dinar, which is at the top spot, has consistently been the world’s most valuable currency since it was introduced in 1960. The reason behind the success of this currency is Kuwait’s economic stability, driven by its oil reserves and tax-free system.
The Swiss franc, Switzerland and Liechtenstein’s currency are widely considered to be the world’s most stable currencies. However, its value may fluctuate in the future.
The strength of a country’s currency is affected by factors ranging from supply and demand, interest rates and inflation to geopolitical stability. The currency of a country not only increases the purchasing power of that country but also indicates its credibility globally. It works to give direction to financial markets around the world. The list of the top 10 strongest currencies in the world is as follows –
‘Kuwaiti Dinar’ is the world’s most powerful currency
According to Forbes’ report, ‘Kuwaiti Dinar’ is considered to be the most powerful currency in the world. At the same time, the second and third positions are also occupied by Arab countries. Bahrain’s currency ‘Bahraini Dinar’ is at the second position and Oman’s currency ‘Omani Rial’ is at the third position. According to the report, the United Nations currently recognizes 180 currencies as legal tender.
Gulf or Arab countries top the list of countries with the largest reserves of crude oil. These countries have always played an important role in meeting the world’s energy needs. After ‘Kuwaiti Dinar’, ‘Bahraini Dinar’ and ‘Omani Rial’ are in second and third place respectively. The top three positions are occupied by Gulf countries.
What are the reasons that make a currency strong?
The strength of any country’s currency is determined by evaluating the number of goods and services that can be purchased with one unit of national currency and the foreign currency received in exchange. There are many reasons behind the strength of any currency. Economic growth, political stability, global demand and natural resources make a currency strong. The strength and value of a currency can be measured through these factors.
How did the ‘Kuwaiti Dinar’ become so strong?
Kuwait holds an important place among the countries with oil reserves in the world. Kuwaiti Dinar was launched in the year 1960. Which has been one of the strongest currencies in the world for a long time. Economic stability due to Kuwait’s oil reserves and tax-free system strengthens the ‘Kuwaiti Dinar’, due to which its demand is high.
Although the US dollar is the most widely traded global currency, it is 9 places below the ‘Kuwaiti Dinar’ in the list of strong currencies. At the same time, the world’s second most traded currency ‘Euro’ is at the 9th place in the list. Euro is the official currency of the Eurozone, which includes 19 member countries of the European Union.
How many rupees is one ‘Kuwaiti Dinar’ equal to?
The price of one ‘Kuwaiti Dinar’ is approximately equal to ₹ 270.10. However, it keeps increasing and decreasing according to the global market. At the same time, the price of one ‘Kuwaiti Dinar’ is 3.25 in US dollars. The value of ‘Bahraini Dinar’ in Indian Rupees is Rs 220 and that of Omani Dinar is Rs 215.