Highest Currencies in the World - Top 10 2023
by Surya
Updated Mar 18, 2023
Highest Currencies in the World
Currency is a form of money approved by the government and is used by the public for trading goods. Currency can be hard money in the form of coins or soft money in rupee notes. Every country has its own currency. Regardless of the form it takes, all currency has the same basic goal, It helps encourage economic activity by increasing the market for various goods. And it enables consumers to store wealth and therefore address their long-term needs. Currency is typically the main medium of exchange for purchasing goods and services.
Top 10 Highest Currency In The World List
There are 164 official national currencies in the world circulating among 197 countries.
S.No
Currency
Value In Inr (3rd Mar’23)
1
Kuwaiti Dinar
1KWD = 266.96 INR
2
Bahraini Dinar
1BHD = 217.43 INR
3
Omani Rial
1OMR = 212.91 INR
4
Jordanian Dinar
1JOD = 115.54 INR
5
Gibraltar Pound
1GIP = 98.94 INR
6
Cayman Island Dollar
1KYD = 98.26 INR
7
Pound Sterling
1GBP = 98.24 INR
8
Swiss Franc
1CHF = 87.26 INR
9
Euro
1EUR = 86.99 INR
10
United States Dollar
1USD = 81.98 INR
What are the Top 10 Most Valuable Currencies?
Everyone wants to know about the currency which is of the highest value at the present moment. Kuwaiti Dinar is known to be the world's most valuable currency. It is also the national currency of Kuwait which is an oil-rich nation. More information about all the top 10 currencies is given below:
10. US Dollar (USD)
The United States of America and its territories have the US dollar as their official currency. USD was first introduced in 1792. It is currently the most-used currency worldwide in circulation. The USD is also the ‘reserve currency of the world’.
9. Euro (EUR)
Euro is the official currency of the states under the European Union. It was introduced in the year 1999. Euro is said to be one of the world’s youngest currencies and it is also the 2nd most-used global currency. As of March 2023, the euro exchanges for the US dollar at the rate of $1.07.
8. Swiss Franc (CHF)
Switzerland has its own official currency named the Swiss franc which was introduced in the year 1850. The Swiss Franc has been titled a “ Safe haven” currency. Switzerland is a stable country politically that has maintained a neutral past in military confrontations. Switzerland has witnessed steady economic growth over the years. It exchanges for the US Dollar at the rate of $1.07.
7. Pound Sterling (GBP)
The United Kingdom, the British Overseas Territories, and the UK Crown Dependencies have their official currency named pound sterling. The Pound Sterling is the oldest currency in the world which is currently in circulation. The GBP is a strong and also very influential currency in global trade and finance. Globally it is the 4th most used currency.
6. Cayman Island Dollar (KYD)
The Cayman Islands include Grand Cayman, Little Cayman, and Cayman Brac which have KYD as their official currency is a ‘tax haven’ that has become a major global financial center located in the western Caribbean Sea. It exchanges for the US Dollar at the rate of $1.20.
5. Gibraltar Pound (GIP)
Gibraltar’s official currency is the Gibraltar Pound. The Gibraltar pound is fixed at par value to the British pound sterling. Gibraltar began issuing its own banknotes in 1927, and its own coins in 1988. Before the GIP, the Spanish real and then the British pound was Gibraltar's official money.
4. Jordanian Dinar (JOD)
The Jordanian Dinar is the official currency of Jordan, located in the middle east. The Jordanian Dinar is also used in West Bank in Israel. The Jordanian Dinar was introduced in the year 1950, replacing the Palestinian pound. The Palestinian pound was the official currency of the Emirate of Transjordan, and Mandatory Palestine. The JOD is pegged to the US dollar at a fixed rate of $1.41.The JOD is only strong because of the USD peg rather than Jordan’s own economic power.
3. Omani Rial (OMR)
The Omani Rial is the official currency of Oman, which is a nation situated on the southeast corner of the Arabian Peninsula. Omani Rial was first introduced in 1970 as Saidi Rial, and it replaced the Gulf rupee. In 1972 the name was changed to Omani Rial instead of Saidi Rial.
The OMR is exchanged for $2.60 in US dollars.
2. Bahraini Dinar (BHD)
Bahrain has its official currency named Bahraini Dinar. BHD is exchanged at the rate of $2.66 in US dollars. Bahrain country is heavily reliant on its oil and gas industries. It also offers a liberal environment and low operational costs. Bahrain is ranked in the top 5 globally for quality of life. The Oil and Gas industry supports over 85% of the kingdom’s revenues. The BHD was first introduced in the year 1965.
1. Kuwaiti Dinar (KWD)
Kuwait’s official currency is the Kuwaiti Dinar which is the strongest and most valuable currency as of date. Kuwait is a tax-free nation. It also has the lowest unemployment rates. The KWD was first introduced in the year 1961.
What is the most Expensive Currency in the World?
The Worlds strongest currency is the Kuwaiti Dinar (KWD). The country declared its independence from British rule in 1960 which is also the same for the declaration of its currency. Kuwaiti Dinar initially had an equal exchange rate with the British Pound Sterling (GBP). After Iraq invaded Kuwait in 1990, the Iraqi Dinar briefly replaced KWD, but it was then restored after their liberation, and due to the theft of a large amount of banknotes, the old Kuwaiti Dinar was demonetized and a new version was introduced. The value of this currency has since achieved its top spot due to its rich oil reserves (contributing to 80% of the country’s GDP), zero tax, and relatively low unemployment. Kuwait also has a high number of other country nationals, accounting for over 60% of the population.
2nd Most Expensive Currency
The Bahraini Dinar (BHD) is the currency of Bahrain and is currently the second most expensive currency in the world, surpassed only by the Kuwaiti Dinar. One Bahraini Dinar is equivalent to approximately 2.65 US dollars. The high value of the Bahraini Dinar is due to several factors, including Bahrain's strong economy, stable political environment, and the fact that the dinar is pegged to the US dollar. Additionally, the country has a high standard of living, a well-developed infrastructure, and a thriving financial sector. The value of the Bahraini Dinar makes it a popular currency for international trade and investment.
Highest Currencies in the World - FAQs
Currency is a form of money approved by the government and is used by the public for trading goods.
The Kuwaiti Dinar is the strongest currency in The World.
The Top 3 are Kuwaiti Dinar (KWD), Bahraini Dinar (BHD), and Omani Rial (OMR).
There are 164 Official National Currencies in The World.
1 Kuwaiti Dinar equals to 3.26 USD or 266.96 INR as of march 2023.