Highest Currencies in the World: Ever wonder what the highest currency in the world is right now? You’re probably thinking about the US dollar, the euro, or the British pound right now. Guess again, then.
Strongest Currencies in the world and it’s Exchange Rate
Have you considered the world’s most valuable currency? Is it the British pound, the euro, or the US dollar? They are not, though.
They are the most well-known, frequently traded, and commonly used currencies in the world. However, these three were outperformed by some other currencies.
So how can you tell if a currency is worth anything? The relative strength of the currencies is determined by a number of variables, including exchange rates.
Also, nominal gross domestic product (GDP) per capita, inflation rate, and numerous other economic and political considerations.
Top 10 Highest Currencies in the World
Around 180 different currencies are accepted as legal money by the UN, but which one is the most valuable? Discover the most powerful currencies utilized in daily transactions and forex trading in 2022 by reading on.
1. Kuwaiti Dinar
- Country of issuance: Kuwait
- Currency code: KWD
- Exchange rate: 1 KWD = 3.26 USD
The official currency of Kuwait is the Kuwaiti dinar, which is also the most valued coin in existence.
The tiny nation of Kuwait is located between Iraq and Saudi Arabia. Kuwait is one of the richest countries on earth, with huge oil reserves and exports to the worldwide market. Additionally, Kuwait has no taxes and a relatively low unemployment rate.
The Kuwaiti dinar was once fixed to the US dollar. The Kuwaiti Dinar was fixed to a weighted currency basket by the government in 2007.
2. Bahraini Dinar
- Country of issuance: Bahrain
- Currency code: BHD
- Exchange rate: 1 BHD = 2.65 USD
Bahrain, a nation that is more well-known for its oil exports than for its size, uses the Bahraini dinar as its official currency.
The island nation of Bahrain is located in the Persian Gulf. The oil and gas sector, which accounts for more than 85% of the kingdom’s income, is responsible for the riches of the nation.
The Gulf Rupee was replaced in 1965 by the Bahraini dinar. It is now anchored to the US dollar in an effort to promote international investment.
3. Omani Rial
- Country of issuance: Oman
- Currency code: OMR
- Exchange rate: 1 OMR = 2.60 USD
Since its debut as Oman’s official currency in 1970, the Omani rial has been tied to the US dollar.
The Sultanate of Oman, which is situated in the Arabian Peninsula, has a robust economy as a result of its oil exports to numerous nations worldwide. However, tourism and agriculture also contribute to the nation’s revenue.
4. Jordanian Dinar
- Country of issuance: Jordan
- Currency code: JOD
- Exchange rate: 1 JOD = 1.41
Since 1950, Jordan has used the Jordanian dinar as its national currency.
Jordan lacks oil compared to the aforementioned nations. However, the Jordanian dinar is robust because of the nation’s broad economy, which ranges from industry and mining to trade and finance.
The US dollar and the Jordanian dinar are tied together.
5. Cayman Islands Dollar
- Country of issuance: Cayman Islands
- Currency code: KYD
- Exchange rate: 1 KYD = 1.21 USD
The Cayman Islands’ legal tender is the Cayman Islands dollar.
The Cayman Islands are referred to as a “tax haven” because they provide wealthy individuals and large financial institutions with offshore banking services.
The Cayman Islands dollar was first issued in 1970 and is fixedly indexed to the US dollar.
6. Pound Sterling
- Country of issuance: United Kingdom
- Currency code: GBP
- Exchange rate: 1 GBP = 1.21 USD
The United Kingdom, the UK Crown Dependencies, and the British Overseas Territories all use the pound sterling as their official currency. The highest-valued currency outside of the Middle East is this one.
Not only is it the oldest currency, but it is also one of the most significant in terms of international trade and economics. It is included in the collection of SDRs owned by the IMF.
7. Swiss Franc
- Country of issuance: Switzerland
- Currency code: CHF
- Exchange rate: 1 CHF = 1.04 USD
The world’s richest nations, Switzerland and Liechtenstein, uses one of the highest currencies in the world, Swiss franc as their official currency.
Due to its stable economy, strictest monetary policy, and lowest debt levels, the Swiss franc is regarded as a “safe haven” currency.
Switzerland’s banknote, which was first printed in 1850, is the only one in the entire globe to have a vertical appearance.
- Country of issuance: Eurozone
- Currency code: EUR
- Exchange rate: 1 EUR = 1.02 USD
Nineteen European nations use the euro as their official currency. The euro is the second-most used currency in the world, both in reserve and circulation, despite being the newest.
Although the euro is not tied to any other currency, roughly 25 nations have done so with their own national currencies.
9. US Dollar
- Country of issuance: United States of America
- Currency code: USD
- Exchange rate: 1 USD
The official currency of the United States of America and its territories is the US dollar. Since its first introduction in 1972.
The US dollar has grown to be the most widely and one of the highest currencies in the world, and the most used traded currency in the world, the United States dollar is recognized as a “World Reserve Currency.”
10. Canadian Dollar
- Country of issuance: Canada
- Currency code: CAD
- Exchange rate: 1 CAD = 0.78 USD
The official currency of Canada is the Canadian dollar is one of the highest currencies in the world. The Canadian dollar swings significantly depends on the continued value of the US dollar because Canada and the US are trade partners.
Because Canada is the second-largest producer of uranium and crude oil in the world, the Canadian dollar is seen as strong. As a result, changes in the price of oil globally affect the Canadian dollar.
Canada’s political stability explains why the Canadian dollar makes up 5% of all daily trades on the forex market.
Political news stories and other happenings cause swift changes in a nation’s economy.
Therefore, the highest currencies in the world precise ranking of the top currencies may also alter over time. For traders, these currency price changes can be advantageous.