The stability and power of currencies are significant determinants of trade and investments and business interactions between different countries in the world. Looking forward through 2024, it is inspiring to discuss which currencies occupy the peak of the organisms of international money.
Source: The Indian Express
Here Is The List Of The 10 Highest Currencies In The World At The Time Of Writing In July 2024, Their Exchange Rate Against The Indian Rupee (INR), And The Us Dollar (USD).
| Rank | Currency | Exchange Rate (INR) | Exchange Rate (USD) |
| 1 | Kuwaiti Dinar (KWD) | 272.43 INR | 3.26 USD |
| 2 | Bahraini Dinar (BHD) | 221.63 INR | 2.65 USD |
| 3 | Omani Rial (OMR) | 216.97 INR | 2.60 USD |
| 4 | Jordanian Dinar (JOD) | 117.84 INR | 1.41 USD |
| 5 | Gibraltar Pound (GIP) | 106.28 INR | 1.27 USD |
| 6 | British Pound Sterling (GBP) | 106.08 INR | 1.27 USD |
| 7 | Cayman Islands Dollar (KYD) | 99.62 INR | 1.19 USD |
| 8 | Swiss Franc (CHF) | 93.00 INR | 1.11 USD |
| 9 | Euro (EUR) | 89.71 INR | 1.08 USD |
| 10 | United States Dollar (USD) | 83.36 INR | 1.00 USD |
1. Kuwaiti Dinar (KWD): Highest Currencies in the World
Source: MyPivots
Exchange Rate: 1 KWD = 272 . 43 INR = 3. 26 USD
The Kuwaiti Dinar takes the crown as the highest valued currency globally in the year 2024. Such a position is indicative of the fact that Kuwait has a rather well-developed economy and is financially quite sound.
The strength of the Kuwaiti Dinar can be attributed to several factors:
Oil Exports: Kuwait has relatively the biggest oil reserves and the percentage contribution of oil exports ratio in Kuwait is higher. Petroleum reserves have remained a key to the country’s balances of payment, stability of currency and therefore national wealth.
Tax-Free Environment: The government of Kuwait does not tax individuals base on their income; this has encourage people who seek employment from other countries and in the process has promote economic growth.
Controlled Currency Supply: Like any other country, the Kuwait’s Central Bank controls the circulation of money hence facilitate the strength of the Kuwaiti currency.
KWD INR exchange rate is also highly favoured due to the presence of a large number of people of Indian origin in Kuwait. This high valuation makes Kuwaiti citizens and residents have high purchasing power within Kuwait and other parts of the world.
2. Bahraini Dinar (BHD): 2nd Highest Currencies in the World
Source: TheIbns
Exchange Rate: 1 BHD = 221.63 INR = 2.65 USD
Here we are presenting the list of top 10 highest valued currencies in the world and the Bahraini Dinar occupied the second position in the list.
Bahrain, a small island nation in the Persian Gulf, has built its economic strength on several pillars:
Diversified Economy: However, the government of Bahrain has tried over the years to diversify by establishing industries in other areas including; financial services, tourism, and manufacturing industries.
Strategic Location: Due to this the economy of Bahrain is stable and enhancing its position of being a trade centre in the gulf region.
Liberal Economic Policies: It has also opened out for foreign investors through formulation of policies that are welcoming to business ventures.
Stable Monetary Policy: The Central Bank of Bahrain operates a system of exchange controls where the BHD is fixed to the USD, this assists in stabilizing the currencies.
Thus, the BHD to INR rate is preferred because of the large proportion of Indians in Bahrain and the economic relations of the countries.
3. Omani Rial (OMR)
Source: Wikipedia
Exchange Rate: 1 OMR = 216. 97 INR = 2. 60 USD
The Omani Rial occupies the third place among the highest-valued currencies of the world currently.
Oman’s currency strength is rooted in several factors:
Oil and Gas Exports: Like the economies of its countries in the gulf cooperation council, Oman too relies relatively heavily on its hydrocarbon base.
Economic Diversification Efforts: Today, Oman has been implementing the “Vision 2040” plan that is meant to diversify the economy and thus, Oman is really trying to decrease its reliance on oil.
Tourism: Introduction of tourism industry is also positive in Oman in terms of economic strength and currency value.
Notably, until 1940 the Indian Rupee (INR) was the legal tender in Oman and this is a reason why the INR to OMR is one of the frequently quoted exchange rates for the Omani Rial.
4. Jordanian Dinar (JOD)- Highest Currencies in the World
Source: MyPivots
Exchange Rate: 1 JOD = 117.84 INR = 1.41 USD
The Jordanian Dinar ranks itself as the fourth highest value of currency in the world. Jordan speaks of noticeably broad currency strength especially given the fact that the country is not an OPEC member and therefore it does not derive the most of its foreign exchange earnings from oil export as some of its counterparts in the region.
Key factors contributing to the JOD’s high value include:
Diversified Economy: Jordan’s economy depends on several sectors like services, tourists and manufacturing.
Fixed Exchange Rate: Current Converter for Jordanian Dinar is linked to US Dollars and hence guarantees its consistent stability.
Strategic Location: Jordan possesses many advantages that have made it a center for foreign investment and the attraction of aid.
The JOD to EUR rate is one of the most popular Jordan Dinar conversion rates, which suggests the country’s economic interaction with Europe.
5. Gibraltar Pound (GIP)
Source: Numista
Exchange Rate: 1 GIP = 106 myriad. 28 INR = 1. 27 USD
The Gibraltar Pound, which is the official currency in the British Overseas Territory of Gibraltar, concludes the list taking the fifth position.
Some key points about the Gibraltar Pound include:
Parity with British Pound: It is primarily fixed at par with the British Pound Sterling, and this alone partly explains why the GIP is generally high.
Local Control: The central monetary authority of Gibraltar is the Government of Gibraltar which has the monopoly in issuing the coins as well as the notes.
Diverse Economy: Tourism, finance and internet gambling are some of the major economic activities of Gibraltar.
Tax Haven Status: Foreign investment has since therefore France boosted through Gibraltar’s reliable reputation as a tax haven.
The rate of exchange of the Gibraltar Pound fits information that Gibraltar has its special position in economy and it is very closely connected with the United Kingdom economy.
6. British Pound Sterling (GBP)
Source: MyPivots
Exchange Rate: 1 GBP = 106.08 INR = 1.27 USD
The Britain Pound Sterling is one of the popular currencies in the global market which occupies the sixth place according to the requested rank.
Some notable aspects of the GBP include:
Oldest Currency in Use: Handbook on the history of the currencies of the world reveals that the Pound Sterling is among the oldest currency that is still in circulation today.
Major Reserve Currency: He was the fourth loosest floated currency in the forex market after the US dollar, Euro and Japanese Yen.
Economic Powerhouse: A relative and well diversified economy of the UK coupled with the trump cards like dominating financial and technology industries prop up the currency worth.
Central Bank Independence: The positive outlook towards the Pound is driven by the fact that the Bank of England is famous for being an independent Central Bank undertaking monetary policy.
The exchange rate of EUR to GBP is considered as one of the primary exchange rates that embodies the relationship of the United Kingdom with the European Union even in the post-Brexit period.
7. Cayman Islands Dollar (KYD)- Highest Currencies in the World
Source: Numista
Exchange Rate: 1 KYD = 99. 62 INR = 1. 19 USD
The currency for this country is established at the Cayman Islands Dollar in this British Overseas Territory, a fact that earns it the seventh place on our list.
Key points about the KYD include:
Fixed Exchange Rate: The KYD is currently fixed to the US Dollar at a ratio of 1 KYD =0. 833 US$, a policy that has sawn fit the currency to be stable and hold high value.
Offshore Financial Center: This is due to its operation as one of the key offshore financial hubs which has an impact on the overall economy of the Cayman Islands.
Tourism: Tourism is a complementary activity which helps the islands’ economy become more powerful.
Low Tax Regime: This way of non direct taxation has helped the Cayman Islands to become a favoured place for international business and thus maintain its economy and currency.
The greatest exchange rate utilized in relation to the Cayman Islands Dollar is the exchange rate USD to KYD in view of the territory’s monetary relation with the United States.
8. Swiss Franc (CHF)
Source: Wikipedia
Exchange Rate: 1 CHF = 93.00 INR = 1.11 USD
The SWISS FRANC, which is relatively secure, comes in at the eighth position on our list.
Key factors contributing to the CHF’s strength include:
Safe-Haven Currency: Swiss Franc is generally considered to be a refuge currency in the global economy during phases of turbulence.
Strong Economy: The basis to the value of this currency is the tightly planned and diversified economy with a high level of development specified by banking systems as well as manufacturing of pharmaceuticals and high technologies in Switzerland.
Political Neutrality: Another factor that going to the currency’s credit is Switzerland’s traditional policy of nonalignment in political matters.
Low Inflation: The authorities responsible for managing the Swiss economy support the purchasing power of the Franc through the determination of price stability of the Swiss National Bank.
9. Euro (EUR): Highest Currencies in the World
Source: MyPivots
Exchange Rate: 1 EUR = 89.71 INR = 1.08 USD
The Euro being the official currency of 19 out of 27 European Union member states is placed at the ninth position here.
Notable aspects of the Euro include:
Second Largest Reserve Currency: Next only to the United States Dollar, the Euro is the second most held reserve currency in the world and the second most traded currency in world trade.
Economic Powerhouse: There is the Eurozone which is a large economy structure explanation to the strength of Euro.
Monetary Union: The Euro is a single currency but it is formed for multiple countries hence making it a trial of a monetary union.
European Central Bank: The euro region is quite important in European monetary policies because of the main maintenance of the euro worth.
The Euro signifies the total economic power of the countries within the European Union and its role in global commerce and credit.
10. United States Dollar (USD):
Source: Wikipedia
Exchange Rate: 83. 36 INR = 1. 00 USD
It may be quite shocking for some to note that USD occupies the tenth position however it is significant to note that this list is based on the exchange rate against INR.
The USD remains the world’s most important currency for several reasons:
Global Reserve Currency: The foreign currency commonly used around the globe and referred to as the world’s reference currency is the US Dollar.
Petrodollar System: Almost all types of oil and many other commodities are traded and priced in US Dollars; this has enhanced the worldwide demand for this currency.
Economic Powerhouse: Huge economy and it’s diversification of the USA supports the Dollar.
Federal Reserve: Central bank decisions through its monetary policy means a lot to the financial markets of the world.
Since both USD and EUR are some of the most used currencies in the global market the USD to EUR rate is among the most commonly observed currency pairs in the forex market.
Conclusion
In this extensive analysis, it has been shown that the state of the world’s highest-valued currencies in the year 2024 is vastly intriguing. Whether in the oil-drenched monarchies of the Persian Gulf or the financial empires of Europe and offshore banking, there are many things that determine the strength and worth of a currency.
