From the Kuwaiti dinar to the Omani rial, learn which ones are the strongest currencies in the world.
As a FOREX trader, you may be used to checking out the info on currency trading, and pairs like EUR/USD or USD/JPY since they are some of the most traded currencies on the market, that’s why many traders tend to think these currencies are the strongest, but in fact, most of them are not even on the top 5.
The immensity of currency exchange can be a shifting and intricate landscape, with a ton of different legal tenders falling or rising in value, due to various factors, like political or financial it can be harder and harder to fully understand which currencies are strong in value. It’s crucial to comprehend the worth of distinct currencies and the factors that affect their strength, which is vital for making sound financial choices.
In this article, we will delve into the fascinating world of global finance and unveil the current leading currencies of the world.
For example purposes, I’m going to use the USD for conversions and comparison.
First of all, the Kuwaiti Dinar is the strongest currency in the world right now, with an exchange rate of 1 Kuwaiti Dinar for 3.26 United States Dollars. The currency is abbreviated with the initials KWD and is the legal tender of Kuwait.
Named officially the State of Kuwait, it’s a country situated in West Asia, on the north side of Eastern Arabia, close to the Persian Gulf. Due to its incredible position and its wealth in natural resources such as gas and oil, besides that, the country has a stable economy leading to one of the strongest currencies in the world.
As the second-strongest currency, we have the Bahraini Dinar, which currently has an exchange rate of 1 Bahraini Dinar for 2.65 USD. The abbreviation for the currency is BHD.
This dinar is the legal tender of Bahrain, an island situated in West Asia. It’s located on the Persian golf, and It is made up of an archipelago with more than 80 islands, of which some are artificial. Just like the precious country, Bahrain made it to the list due to its high number of oil reserves on the island, which comprise more than 80% of its GDP.
The Omani Rialis the legal tender of the Sultanate of Oman, a country in West Asia, located on the coast of the Arabian Peninsula with connections to the Persian Gulf. The country is bordered by the UAE, Yemen, and Saudi Arabia.
The current exchange rate for the Omani Rial is 1 to 2.60 USD, and the abbreviation of the currency is OMR.
The legal tender of Oman is among the strongest due to its prosperous and stable economy, the OMR was fixed to the USD for several years, but it was recently replaced, but it remained firm and solid. Not only that, Oman economy is based on oil prices, since it’s one of the main producers worldwide, like the previous spots.
There are many other strong currencies, like the JOD or Jordanian Dinar, which current exchange rate is 1 JOD for 1.41 USD.
Or the KYD which is the dollar from the Cayman Islands, which is currently exchanged for 1 KYD for 1.20 USD.
But the list is not only made of unknown currencies for FOREX traders, another strong currency is the well-known GBP, the British Pound Sterling is exchanged for 1.27 USD right now.