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Kuwaiti Dinar is world's strongest currency, US Dollar ranks...

The strongest currency in the world is Kuwaiti Dinar (KWD) followed by Bahraini Dinar (BHD), Omani Rial (OMR) and Jordanian Dinar (JOD), according to the Forbes India. Read More

Wednesday January 17, 2024 6:12 PM , ummid.com News Network

Washington: Forbes India recently released the list of top 10 strongest currencies in the world, giving some insightful information about the legal tenders used worldwide.

But what amazed the people is that top four strongest currencies in the list of ten are of countries ruled by Muslims.

The strongest currency in the world is Kuwaiti Dinar (KWD) followed by Bahraini Dinar (BHD), Omani Rial (OMR) and Jordanian Dinar (JOD), according to the Forbes India.

The top four strongest currencies listed above are followed by Gibraltar Pound (GIP) on the 5th position, British Pound (GBP) on 6th, Cayman Island Dollar (KYD) on 7th, Swiss Franc (CHF) on 8th, Euro (EUR) on 9th and United States Dollar (USD) on the 10th spot.

“The US dollars is the most widely traded currency globally and holds the position as the primary reserve currency. Despite its popularity, it ranks 10th among the world's strongest currencies”, Forbes said.

About Euro, Forbes said:

“It is the second-largest reserve currency and the second-most traded currency worldwide. The euro stands as one of the strongest currencies, holding the 9th position.”

Forbes said the Kuwaiti Dinar has consistently ranked as the world's most valuable currency since its launch in 1960.

Forbes also said that there was also a time when the Indian Rupee was the official currency in the oil rich Oman.

“Omani Riyal is third most valuable currency in the world and it remains so since Oman stopped using the Indian Rupee as its official currency”, Forbes said.

According to Wednesday's exchange rate published on International Monetary Fund's (IMF) website, India ranks 15 with value listed as 82.9 per US Dollar.

Forbes has put the Bahraini Dinar on the second position and attributed this to the “large number of foreigners” in Bahrain besides other reasons.

“With a strong expat community, including a significant number of Indians, the BHD holds the position as the second strongest currency globally”, Forbes said.

The United Nations officially recognises 180 currencies worldwide as legal tender. However, popularity and wide usage do not necessarily equate to the value or strength commanded by a currency.

The concept of currency strength revolves around the purchasing power of a nation's currency when exchanged for goods, services, or other currencies.

 

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