Currency is a medium of exchange in the modern world, usually in the form of paper or coins. It’s exchanged depending on its face value as issued by the government for a mode of payment.
The United Nations recognizes 180 different currencies which are officially accepted.
The exchange rate is the current value for which a currency can be exchanged for another currency. The value of this exchange rate varies from time to time according to economic and political events.
Let’s have a look at the top 16 currencies that it’s value as compared to the United States Dollar.
Kuwaiti Dinar is the currency of Kuwait. Kuwait is country in Western Asia located between Iraq and Saudi Arabia.
From September 2019, Kuwaiti Dinar has been the highest valued currency in the world.
With the oil rich country’s economic stability Kuwaiti Dinar has reached as the strongest currency.
1 Kuwaiti Dinar is equivalent to 3.25 US Dollars.
The Bahraini Dinar is the currency of Bahrain. Bahrain located in the Persian Gulf consists of 33 natural islands and 51 artificial islands.
The Bahraini Dinar is subdivided into 1000 fils a sub division of currency used in many Arab countries.
1 Bahraini Dinar is equivalent to 2.65 US Dollars.
The Omani Rial is the currency of Oman. Oman is located in Western Asia on the southeastern coast of the Arabian Peninsula.
The Omani Rial is subdivided into 1000 baisa. Oman’s current GDP per capita has increased continuously in the past 50 years.
1 Omani Rial is equivalent to 2.60 US Dollars.
The Jordanian Dinar is the currency of Jordan since 1950. Jordan is an Arab Nation located on the east bank of river Jordan.
Jordan’s GDP per capita increased by 351% in the 1970’s, though it has been increasingand decreasing since then the currency still holds as fourth most strongest position in the world.
1 Jordanian Dinar is equivalent to 1.41 US Dollars.
Pound Sterling which is also known as the Pound or Sterling is the fourth most traded currency in the foreign exchange market.
The Pound Sterling is the oldest currency in continuous use. It’s the official currency of United Kingdom and 7 more British territory locations.
1 Pound Sterling is equivalent to 1.25 US Dollars.
The Gibraltar Pound is the currency of Gibraltar a British Overseas Territory located at the Southern Tip of Iberian Peninsula.
The Gibraltar Pound is exchangeable with British Pound Sterling at face value.
1 Gibraltar Pound is equivalent to 1.25 US Dollars.
Cayman Islands Dollar
Cayman Islands Dollar is the currency of Cayman Islands a British Overseas Territory in the western Caribbean Sea.
It is usually denoted by $ sign or CI$ to differentiate it from other dollar denominated currencies.
The Cayman currency board keeps more than 100 per cent reserves in US government obligations.
1 Cayman Islands Dollar is equivalent to 1.20 US Dollars.
The Euro is the official currency of the 19 member states of the European Union.
The Euro is the second largest and the second most traded currency in the foreign exchange market after United States dollar.
The Euro is also the second largest reserve currency held by central banks and monetary authorities as a part of their foreign exchange reserves.
1 Euro is equivalent to 1.13 US Dollars.
The Franc or CHF known internationally is the currency of Switzerland and Liechtenstein.
The Swiss National Bank is responsible for nation’s monetary and the only issuer of Swiss Franc Bank Notes.
Switzerland’s stable and durable economy has managed to overcome many crisis that has otherwise weakened other economies.
During the 2008 global recession many investors around the world hid their money in Switzerland for safekeeping.
The Swiss Frac is the 7th most traded currency in the world.
1 Swiss Franc is equivalent to 1.06 US Dollars.
United States Dollar
The United States Dollar is the official currency of United States and its territories. Often referred as dollar or US Dollar or American Dollar, stands as the 10th most strongest currencies of the world.
The US dollar accounts for almost 88.3% of daily trades in foreign exchange market.
It is the world’s foremost reserve currency and is held by most central banks and commercial banks globally.
1 US Dollar is equivalent to 1 US Dollar.
Canadian Dollar is the currency of Canada. Canadian Dollar is approximately 2% of all global reserves and the fifth most reliable reserve currency of the world.
The Canadian dollar is popular with central banks because of Canada’s relative economic soundness, the Canadian government’s strong sovereign position, and the stability of the country’s legal and political systems.
1 Canadian Dollar is equivalent to 0.74 US Dollar.
The Libyan Dinar is the currency of Libya. The Dinar is subdivided in 1000 dirham, unit of currency in several Arab states.
The reason for the Libyan currency strength is that the Central Bank gives $400 allowance to every Libyan in foreign currency per year. It’s also reported that $10 million a day is entered into Black market.
1 Libyan Dinar is equivalent to 0.71 US Dollar.
The Brunei Dollar has been the currency of the Sultanate of Brunei since 1967. The country is located on the north coast of the island of the island of Borneo in Southeast Asia.
Under a Currency Interchangeability Agreement in 1967, the Brunei dollar is interchangeable with the Singapore Dollar.
1 Brunei Dollar is equivalent to 0.72 US Dollar.
The Singapore Dollar or the Singaporean Dollar is the official currency of Singapore.
As of 2020, the Singaporean Dollar is the 13th most traded currency in the world by value and one of the strongest currencies in the Asia-Pacific region.
1 Singapore Dollar is equivalent to 0.72 US Dollar.
The Australian Dollar is the official currency of Australia and its external territories.
The Australian Dollar is the fifth most traded currency in the world for Foreign Exchange Markets.
The Australian Dollar is given high value among the currency traders because of its high interest rates in Australia and the stability of Australian economy and political systems.
1 Australian Dollar is equivalent to 0.69 US Dollar.
New Zealand Dollar
The New Zealand Dollar is the official currency of New Zealand and few associated locations.
The value of the currency has been increasing because of the rising economy, political stability and GDP growth.
The New Zealand Dollar is among the top 10 most traded currencies of the world.
1 New Zealand Dollar is equivalent to 0.64 US Dollar.
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