The value of currencies is determined through exchange rates, where one currency is priced in relation to another currency, such as buying US dollars with Indian rupees or British pounds.
The majority of currencies have a "floating" value that fluctuates depending on market demand and supply. However, some currencies are "pegged," and their value relative to another currency, usually the US dollar, is fixed at a predetermined rate. Here's a list of the top 10 strongest currencies as of May 2023, with the strongest relative value against the Indian Rupee, which is the most widely traded currency in the world.
Kuwaiti Dinar (KWD)
The most valuable currency in the world as of May 2023 is the Kuwaiti Dinar (KWD). The INR to KWD exchange rate is particularly popular among the large Indian expat community in Kuwait. The stability of Kuwait's economy has contributed to the continued strength of its currency, which is supported by one of the largest reserves in the world. The country's economy is largely dependent on oil exports and, notably, there are no taxes imposed on its residents. As of today, the exchange rate for one Kuwaiti Dinar (KWD) to Indian Rupee (INR) stands at Rs. 266.80.
Bahraini Dinar (BHD)
The currency used in Bahrain is called the Bahraini Dinar, with the abbreviation BHD. The INR to BHD rate is the most commonly used exchange rate for the Bahraini Dinar. Today 1 BHD is equivalent to Rs.216.94 With this high value, the BHD is considered the world's second most valuable currency.
Omani Rial (OMR)
The official currency of Oman is the Omani Rial (OMR), which was adopted in 1973. Prior to this, the Indian Rupee (INR) was the official currency until 1940, which is why the INR to OMR exchange rate is widely used. As of now, the value of one OMR is equivalent to Rs. 212.43.
Jordanian Dinar (JOD)
The Jordanian dinar (JOD) is the official currency used in the West Bank along with the Israeli shekel. Its stability is attributed to its fixed exchange rates, which is one of the key reasons for its high value. The most widely used Jordan Dinar exchange rate is the JOD to EUR rate. Unlike many other countries in the region, Jordan's economy is not primarily reliant on oil exports and is diversified across many industries. Today, One JOD is worth Rs. 115.28.
Gibraltar Pound (GIP)
The Gibraltar pound (GIP) is the official currency of Gibraltar, and it is pegged to and interchangeable with the British pound sterling (GBP). The Government of Gibraltar is responsible for producing coins and banknotes, as well as regulating the GIP. The economy of Gibraltar is diversifying, with a growing emphasis on industries such as tourism and e-gaming. Currently, the exchange rate of GIP to INR is 102.22.
British Pound (GBP)
The official currency of the United Kingdom is the pound sterling (£) or GBP. The most commonly used UK Pound exchange rate is the EUR to GBP rate. Sterling is the fourth most traded currency in the global foreign exchange markets, following the US dollar, Euro, and Japanese yen. Moreover, the pound sterling is the world's oldest currency still in circulation. Today, OneGBP is worth Rs. 102.15.
Caymanian Dollar (KYD)
The currency code KYD represents the Caymanian Dollar, which is the national currency of the Cayman Islands. The Jamaican Dollar was previously used in the country before it was replaced by the Cayman Islands Dollar. The most frequently used exchange rate for the Cayman Islands Dollar is the USD to KYD rate. At the moment, one KYD is worth Rs. 98.51.
Swiss Franc (CHF)
The official currency of Switzerland and Liechtenstein is the Swiss Franc, abbreviated as CHF. The most commonly used exchange rate for the Swiss Franc is the EUR to CHF rate. Switzerland has a unique approach to its currency as it joined the currency union but pegged the franc to the euro instead of abandoning it. One CHF is now worth Rs. 91.20.
Euro (EUR)
The Euro (EUR) is the official currency used in the eurozone, comprising 19 of the 27 European Union member states. It is the second most traded currency in the world and the second-largest reserve currency, next to the US dollar. As of now, one Euro is equivalent to Rs. 89.83.
United States Dollar (USD)
The United States Dollar (USD) is the official currency of the United States of America, and it is the world's most widely traded currency. The most commonly used USD exchange rate is the USD to EUR rate. Its strength is backed by the power and stability of the United States in the global political scenario, and over time, the value of the USD has significantly appreciated. As of now, the value of one USD is equivalent to Rs. 81.90.
