Top 10 Strongest Currencies in the World: Which Country Has the Most Valuable Money?
Have you ever wondered what the strongest currency in the world is? The United Nations recognizes around 180 currencies as legal tender, but which one has the most value? Read on to know the 10 strongest currencies used and traded on the Forex market daily in 2024.
To compare the value of the currencies, we used the US dollar as the base currency. The nominally strongest currency is defined here as the currency that is most expensive compared to the US dollar. That is, the currency for which you will receive the least amount per $1. This information is compiled as of July 2024.
10. US-Dollar
The US dollar (USD) is the currency of the United States and several other countries. It is the world’s main reserve currency and is held by most central banks and commercial banks worldwide. Due to its widespread use, the US dollar also accounts for around 88.3% of daily transactions in the foreign exchange market.
Despite its importance, it surprisingly only appears in tenth place. All currencies on this list are compared based on their currency strength in relation to the US dollar. The US dollar therefore appears in tenth place because one US dollar is worth exactly that: 1.0 US dollars.
The US holds many top spots, such as being the richest country in the world, but surprisingly, the state and its currency only rank tenth in the ranking of the strongest currency in the world. Read more about trading our US Dollar Index CFD, which consists of a basket of currency pairs with the USD as the base currency.
Examples of more exotic USD pairs that can be traded include USD/RUB (with the Russian ruble), USD/TRY (with the Turkish lira) and USD/ZAR (with the South African rand).
9. Schweizer Franken
The Swiss franc (CHF) is the national currency of Switzerland and Liechtenstein.
1 US dollar buys about 0.98 Swiss francs, making the Swiss franc more valuable than the US dollar and ranking it 9th. However, this is not surprising as Switzerland is one of the most stable and prosperous countries in the world.
The Swiss franc is also the 7th most traded currency in the world and is considered a safe currency to exchange and hold due to Switzerland’s tight monetary policy and the country’s low level of debt.
8. Kaimaninseln-Dollar
The eighth strongest currency in the world is the Cayman Dollar (KYD), the national currency of the Cayman Islands. The Cayman Islands, a British self-governing territory in the Caribbean, is a major financial tax haven for wealthy individuals and businesses.
The US dollar can be exchanged for about 0.83 Cayman Islands dollars, making it the strongest Caribbean currency on the list.
7. Euro
One of the newest currencies, the Euro or EUR is the official currency of 19 countries, making it the most widely used “official currency” in the world. Countries that use it as an official currency include Germany, France and Spain, and it is often referred to as the world’s second reserve currency. It is also known to be the second most traded currency in the foreign exchange market, after the US dollar. The EUR/USD or “fiber” is the most traded currency pair in the world, accounting for almost a quarter of daily foreign exchange trading.
For 1 US dollar, you will receive approximately 0.90 euros, or 90 cents.
On our platform, traders can trade CFDs on major, minor and exotic currency pairs, including the Euro as a base currency. The EUR/JPY rate is an example of a major currency pair with the Japanese Yen and the EUR/NOK rate is an example of a more exotic pair with the Norwegian Krone.
6. Gibraltar Pound
The Gibraltar Pound or GIP is the national currency of Gibraltar and can be exchanged for the British Pound Sterling at par value. Therefore, you are free to use either the GIB or the GBP in Gibraltar.
One US dollar will give you approximately 0.81 Gibraltar Pounds, which is very similar to the value of the British Pound.
5. Pound Sterling
The British pound sterling (GBP) ranks 5th in our ranking of the world’s strongest currencies. Although the GBP is not the world’s strongest currency, it is considered to be the oldest currency still in circulation.
It is also the fourth most traded currency in the world, accounting for around 12.8% of daily transactions on the foreign exchange market.
Exchanging a single US dollar will set you back around £0.71. The currency pair (GBP/USD) is commonly referred to as the “Cable” and is the third most traded currency pair in the world. More exotic but still popular currency pairs with the pound sterling include GBP/RUB (with the Russian ruble) and GBP/TRY (with the Turkish lira).
Do you have an opinion on whether the “Cable” will rise or fall? Open a demo account and try trading CFDs on popular currency pairs.
4. Jordanian Dinar
The national currency of Jordan is the Jordanian dinar or JOD, which is now the fourth most expensive currency in the world. The currency became the official currency of Jordan in 1950 after replacing the Palestinian pound.
1 US dollar is transferable for around 0.71 Jordanian dinars, giving the currency a place in the top 5 most valuable currencies.
3. Omani Rial
The Omani Rial or OMR is the national currency of Oman. Unlike most traditional currencies, the Omani Rial is divided into 1,000 smaller currency fractions called baisa. The Omani Rial quickly increased in value after its introduction due to the success of Omani oil exports and its peg to the US dollar.
One US dollar will give you about 0.38 Omani Rials, which is almost twice the price of the British pound!
2. Bahraini-Dinar
The second strongest currency in the world is the Bahraini Dinar, or BHD. Like most Arab currencies on this list, it is divided into 1000 smaller currency units, in this case called “fils.” The Bahraini Dinar is only used in Bahrain and is pegged to the US dollar.
Similar to the Omani Rial, exchanging 1 US dollar will get you 0.38 Bahraini Dinars.
1. Kuwaitischer-Dinar
The first place for the strongest currency in the world goes to the: Kuwaiti Dinar (KWD). The KWD was introduced in 1960 and was then equivalent to one pound sterling. Kuwait is a small country between Iraq and Saudi Arabia, whose wealth is mainly based on its extensive oil exports around the world.
After exchanging 1 US dollar, you will receive only 0.30 Kuwaiti Dinar. This makes the Kuwaiti Dinar the most valuable currency unit in the world by face value.
Trading currency pairs
When you measure the value of one currency against another, you are simultaneously buying one currency and selling another, which is called forex trading. All currencies on our strongest currencies list are quoted against one US dollar.
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