In a recent revelation by Forbes, the Kuwaiti Dinar has claimed the title of the world’s strongest currency, surpassing the widely accepted US dollar, which now holds the tenth spot in the rankings. The Bahraini Dinar and Omani Rial secure the second and third positions, respectively, reflecting the unique strength and stability of these currencies.
The report emphasizes that the number of currencies recognized as legal tenders by the United Nations is 180, but popularity and usage don’t necessarily translate into a currency’s strength or value. The strength is determined by assessing the purchasing power of one unit of the national currency and foreign currency obtained in exchange for it.
Top 10 Currencies According to Forbes:
- Kuwaiti Dinar
- Bahraini Dinar
- Omani Rial
- Jordanian Dinar
- Gibraltar Pound
- British Pound
- Cayman Island Dollar
- Swiss Franc
- Euro
- US Dollar
Introduced in 1960, the Kuwaiti Dinar has consistently maintained its status as the world’s most valuable currency. Forbes attributes its high demand to the economic stability of the Middle East country, driven by oil reserves and a tax-free system. As of the current exchange rate, one Kuwaiti Dinar is valued at ₹270.10.
Interestingly, despite being the most widely traded global currency, the US dollar finds itself in the tenth position on the list. The Euro, the official currency of the Eurozone, comprising 19 EU member states, holds the ninth spot and is the second-most traded currency globally.
The Forbes report indicates that economic growth, political stability, global demand, and natural resources play pivotal roles in determining the strength and value of a currency.
Exchange Rate Update:
In the latest currency exchange developments, the Indian rupee depreciated 3 paise against the US dollar, reaching 83.15. The dip is attributed to a robust greenback against major rivals worldwide and significant selling in domestic equity markets.
