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The US dollar is the world’s most traded currency. But does that necessarily make it the strongest of the 180 or so traditional ‘fiat’ currencies recognised as legal tender round around the globe?
The answer is ‘no’ – although, as the table below reveals, the ‘greenback’ just about scrapes into the top 10.
Here’s a look at the top 10 strongest currencies in the world, based on their relative value against the US dollar.
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What are the top 10 strongest currencies?
The US dollar is the world’s most traded currency. But does that necessarily make it the strongest of the 180 or so traditional ‘fiat’ currencies recognised as legal tender round around the globe?
The answer is ‘no’ – although, as the listing below reveals, the ‘greenback’ just about scrapes into the top 10.
We’ve ranked the strongest currencies (along with their accepted currency symbol), based on the number of units of foreign currency received in exchange for one US dollar. The exchange rates (as at 13 June 2024) are sourced from our useful currency converter, which is based on data from Open Exchange.
1. Kuwaiti dinar (KWD)
Using our measurement, the Kuwaiti dinar is the strongest currency in the world, with 1 dinar buying US $3.264. Put another way, US $1 is worth 0.3063 Kuwaiti dinars.
Kuwait is located between Saudi Arabia and Iraq, earning much of its wealth from being a leading global exporter of oil.
2. Bahraini dinar (BHD)
One Bahraini dinar is currently worth $2.653. That makes $1 worth 0.3769 Bahraini dinars.
Bahrain is an island nation in the Persian Gulf off of the coast of Saudi Arabia. Like Kuwait, the country earns much of its wealth from oil and gas exports. The Bahraini dinar entered circulation in 1965 and is pegged to the US dollar.
3. Omani rial (OMR)
The Omani rial was introduced in the 1970s. One rial is worth $2.597. Looked at from the other direction, one US dollar is worth 0.3849 Omani rials.
Oman sites between the United Arab Emirates and Yemen at the tip of the Arabian Peninsula. As with its other wealthy neighbours, Oman is a major exporter of oil and gas.
4. Jordanian dinar (JOD)
The Jordanian dinar, which entered circulation in the 1950s, is worth $1.410, putting the currency at number four on our list. Alternatively, $1 would buy 0.7088 Jordanian dinars.
Jordan is a largely land-locked country in the Middle East. The country is less dependent on oil and gas exports than its neighbours, but it has struggled with sluggish economic growth and rising debt.
5.= British pound (GBP)
The British pound sterling has been in existence since the 15th century and was decimalised in 1971. Nowadays one pound is worth $1.284 which makes $1 worth £0.7785.
5.= Gibraltar pound (GIP)
The Gibraltar pound was first introduced in the 1920s and today its value is ‘pegged’ to the British pound at a fixed rate, meaning it will always move in line with sterling.
Gibraltar is located at the southern tip of Spain and is officially a British territory.
7. Swiss franc (CHF)
The Swiss franc is the official legal tender of both Switzerland and Liechenstein. It is often regarded as a currency safe haven due to Switzerland’s political stability.
The Swiss franc was introduced in 1850. One Swiss franc is worth $1.1222, which means $1 buys 0.8911 Swiss francs.
8. Cayman Islands dollar (KYD)
The Cayman Islands is a British territory in the Caribbean and is famous for being an offshore financial centre.
The Cayman Islands dollar was first introduced in the 1970s and is ‘pegged’ to the US dollar. One Cayman Islands dollar currently buys $1.200. Conversely, $1 is worth 0.8333.
9. Euro (EUR)
The euro entered physical circulation in 2002. It is the official currency of the Eurozone economic bloc, covering 20 countries out of the 27-strong members of the European Union.
One euro currently buys $1.084 making a dollar worth €0.9223.
10. US dollar (USD)
The US dollar just scrapes into our currency top 10 with all other denominations across the world, excluding the ones listed above, worth less than one dollar on a one-for-one basis.
Created in the 1700s, the US dollar is legal tender in the US itself, along with a number of other territories and sovereign nations including Ecuador.
The US is the world’s largest economy as measured by gross domestic product and is by far the most traded currency globally.
The US dollar is also the largest reserve currency in the world. In other words, it is the currency most held by central banks. It is also the currency of choice when it comes to pricing a number of key commodity markets including oil, gold and copper.