Muscat: The Forbes Advisor has listed the 10 strongest currencies in the world, based on their relative value against the US dollar.
What are the top 10 strongest currencies?
Forbes has determined the strongest currencies, based on the number of dollars needed to buy one unit of each currency. The exchange rates are sourced from our currency converter, based on data from Open Exchange at the time of writing.
Here are the top 10 strongest currencies:
1. Kuwaiti dinar (KWD)
The Kuwaiti dinar is the strongest currency in the world, with 1 dinar buying 3.26 dollars (or, put another way, $1 equals 0.31 Kuwaiti dinar).
The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies.
2. Bahraini dinar (BHD)
The Bahraini dinar is the second-strongest currency in the world, with 1 dinar buying 2.65 dollars (or $1 equals 0.38 Bahraini dinar).
The Bahraini dinar entered circulation in 1965 and is pegged to the dollar.
3. Omani rial (OMR)
The Omani rial is the third-strongest currency in the world, with 1 rial buying 2.60 dollars (or $1 equals 0.38 Omani rial).
. The Omani rial was introduced in the 1970s and is pegged to the dollar.
4. Jordanian dinar (JOD)
The Jordanian dinar is the fourth-strongest currency in the world, with 1 dinar buying 1.41 dollars (or $1 equals 0.71 Jordanian dinars).
The Jordanian dinar entered circulation in 1950 and is pegged to the dollar.
5. British pound (GBP)
The British pound is the fifth-strongest currency in the world, with 1 pound buying 1.22 dollars (or $1 equals 0.82 British pounds).
The pound was first introduced in the 1400s before being decimalized in 1971. It is free-floating, not pegged to other currencies.
6. (tie) Cayman Islands Dollar (KYD)
The Cayman Islands dollar is in a tie for sixth among the strongest currencies in the world, with 1 Cayman dollar buying 1.20 dollars (or $1 equals 0.83 Cayman Islands dollar).
The Cayman Islands dollar was first introduced in the 1970s and is pegged to the dollar.
6. (tie) Gibraltar Pound (GIP)
The Gibraltar pound shares the No. 6 spot among the world’s strongest currencies, with 1 pound buying 1.22 dollars (or $1 equals 0.82 Gibraltar pound).
The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning one GIP equals one GBP).
8. (tie) Swiss Franc (CHF)
The Swiss franc is tied for eighth among the strongest currencies in the world, with 1 franc buying 1.08 dollars (or $1 equals 0.92 Swiss francs).
The Swiss franc was introduced in 1850 and was later briefly pegged to the euro before moving to a free float.
8. (tie) Euro (EUR)
The euro shares the No. 8 spot among the world’s strongest currencies, with 1 euro buying 1.08 dollars (or $1 equals 0.93 euro).
Euro coins and banknotes entered circulation in 2002, and the currency is free-floating.
10. US dollar (USD)
The U.S. dollar is the 10th-strongest currency in the world, with 1 dollar buying 1 dollar. (Obviously.) All other units of currency across the globe are worth less than a buck.
Created in the 1700s, the dollar is legal tender in the U.S.; its territories, including Puerto Rico; and other sovereign nations, such as Ecuador and Zimbabwe.
The US is the world’s largest economy by GDP, and the dollar is easily the most-traded currency globally. And it’s widely circulated, with people in the US sending tens of billions of dollars abroad to relatives and friends each year.
The dollar also is the largest reserve currency in the world—that is, the currency most held by central banks—and is the currency used to price many commodities, including oil, gold, and copper.