Kuwaiti Dinar has been declared as the strongest currency in the world despite dominance of the US dollar, that occupied the tenth spot in the latest rankings. The Bahraini Dinar and Omani Rial occupy the second and third spots respectively, Forbes reported.
The United Nations currently recognises 180 currencies as legal tenders, but the popularity and use do not equate to the value or strength commanded by a currency, the report added.
According to the report, the strength of the currency is determined by evaluating the number of goods and services which can be purchased with one unit of the national currency and foreign currency obtained in exchange.
Here are the top 10 currencies as per the Forbes list.
|TOP 10 CURRENCIES OF THE WORLD
|1. KUWAITI DINAR
|2. BAHRAINI DINAR
|3. OMANI RIAL
|4. JORDANIAN DINAR
|5. GIBRALTAR POUND
|6. BRITISH POUND
|7. CAYMAN ISLAND DOLLAR
|8. SWISS FRANC
|10. US DOLLAR
Kuwaiti Dinar was introduced in 1960 and has been consistently ranked as the world’s most valuable currency. According to the Forbes report, the currency has been in high demand due to the Middle East country’s economic stability due to its oil reserves and tax-free system. As per today’s exchange rate, one Kuwaiti Dinar costs ₹270.10.
However, the US dollar, despite being the most widely traded global currency, is tenth on the list. The Euro is the official currency of Eurozone which comprises 19 member states of the European Union. It is the second-most traded currency and holds the ninth spot.
As per the Forbes report, economic growth, political stability, global demand and natural resources are determining factors to measure the strength and value of a currency.
Rupee vs Dollar today
Earlier in the day, the Indian rupee depreciated 3 paise to 83.15 against the US dollar, tracking a strong greenback against major rivals overseas and massive selling in domestic equity markets. At the interbank foreign exchange, the domestic currency opened at 83.13 and slipped further to 83.15 against the dollar, registering a loss of 3 paise from its previous close.