- Last updated on: Dec 20, 2020
- When you think of the highest currencies in the world, you would think of the US Dollar or British Pound or Euro. But you are in for a surprise. The most expensive currencies of 2020 are none of the mentioned ones. And they don’t always belong to the wealthiest nations of the world. The ‘Highest Currency’ is based on the high value of them when exchanged with INR. US Dollar may not be the highest currency in the world but it is most traded and strongest currency in the world.BookMyForex analyzed the data to compile a list of the highest valued currencies of the world. When it comes to the highest currency in the world, these currencies gave the US Dollar – which is the most traded currency of the world – a run for its money. All exchange rates are as on 2nd December 2020.
10: United States Dollar: USD
The US Dollar is the currency of the United States of America. The most popular United States Dollar exchange rate is the USD to EUR rate. Surprisingly at the bottom of the list even though it is the most traded currency in the world. Over the last few years, USD value has depreciated but the strength hasn’t.
USD is valued at 73.64 in Indian Rupees.
The Swiss Franc or CHF is the currency of Switzerland and Liechtenstein. The most popular Switzerland Franc exchange rate is the EUR to CHF rate. Switzerland’s famously secretive banking sector made the national currency a safe haven for international capital. The country pegged the franc to the euro when it joined the currency union, opting for a dual system rather than choosing to abolish the franc.
One CHF or Swiss Franc will buy you 81.86 Indian Rupees.
8: Caymanian Dollar-KYD
The Cayman Islands Dollar is the currency of the Cayman Islands. The most popular Cayman Islands Dollar exchange rate is the USD to KYD rate
Currently, the value of KYD makes it the 8th- highest currency in the world. One KYD is equal to 88.18 in Indian Rupees
The euro or EUR is the official currency of the eurozone, which consists of 19 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. As of January 2017, with more than 1,109,000,000,000 Euro in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar at one point
One Euro will buy you 88.91 INR.
6: Gibraltar Pound- GIP
The Gibraltar pound is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. The central bank controlling the GIP, with the responsibility of minting coins and printing notes, is the Government of Gibraltar. The most popular Gibraltar Pound exchange rate is the EUR to GIP rate.
One GIP is equal to 98.36 in Indian Rupees
5: British Pound (GBP)- Fifth Highest Currency Value in the World
The pound sterling (£) or GBP is the currency of Great Britain. It is also the official currency of Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. The most popular United Kingdom Pound exchange rate is the EUR to GBP rate. Sterling is the fourth most-traded currency in the foreign exchange market, after the United States Dollar, the Euro, and the Japanese Yen.
4: Jordanian Dinar- JOD
The Jordanian dinar is the currency of Jordan. West Bank used Jordanian Donar and the Israeli shekel as well. The most popular Jordan Dinar exchange rate is the JOD to EUR rate.
1 Jordanian Dinar is approximately equal to 103.72 in INR
3. Omani Rial (OMR)- Third Highest Currency Value in the world
The rial or OMR is the currency of Oman. Before 1940, Oman used INR as its official currency and this is why the most popular Rial exchange rate is INR to OMR Rate.
2. Bahraini Dinar (BHD) – Second Highest Currency Value in the world
The dinar or BHD is the currency of Bahrain. The most popular Bahrain Dinar exchange rate is the INR to BHD rate. The currency code for Dinars is BHD, and the currency symbol is BD. Indians are the largest expat group in Bahrain and that explains the reason for INR to BHD popularity. Bahrain attracts expats from all over the globe because of being the second-highest Currency in the world.
1. Kuwaiti Dinar (KWD)- Highest Currency Value in the World
The highest currency in the world is none other than Kuwaiti Dinar or KWD. The currency code for Dinars is KWD. The most popular Kuwait Dinar exchange rate is the INR to KWD rate. Indian expat community is very strong in Kuwait, hence the reason for being a popular currency pair. Kuwaiti Dinar has been the highest currency in the world for a while now because of the oil-rich country’s economic stability.
FAQs on highest currency in the world
Q1. Which currency is highest in the world?
Kuwaiti Dinar or KWD has crowned the highest currency in the world. Dinars is the currency code of KWD. It is widely used in the Middle East for oil-based transactions. 1 Kuwaiti Dinar is equal to 233.75 INR. KWD is maintaining the position of the highest currency of the worldfor quite a while now. The economic stability of Kuwait is the reason behind this. INR to KWD rate is the most favored Kuwait Dinar exchange rate. In Kuwait, the Indian expat community is powerful, and therefore a popular currency pair.
Q2. Which currency is the most traded currency in the world?
The US dollar has established itself as the most traded currency in the world. It is the currency of the United States of America. It is also the primary reserve currency of the world as both the commercial and central banks throughout the world hold the US dollar for doing international transactions. Even though it is in high demand for doing conversions, still the US dollar is lagging in the race for the top currency in the world. At present, the US dollar is equal to 70.94 INR, and it keeps fluctuating quite frequently. The people belonging to countries other than Gulf countries use the dollar as a common standard currency.
Q3. Which is the world’s most stable currency?
The most stable currency of the world is the Swiss Franc or CHF, which is the currency of Switzerland and Liechtenstein. CHF represents Confoederatio Helvetica Franc, which is the country’s name in Latin. One Swiss Franc or CHF is equal to 72.68 Indian Rupees. CHF is regarded as the safe-haven currency due to Switzerland’s low debt levels and sound monetary policies, and the investors using it as a backup when facing instability or geopolitical tension.
Q4. What are the factors by which a country attains the highest currency value in the world?
There is a plethora of factors by which a currency gets influenced. The government is needed to concentrate on a few economic factors such as inflation, economic growth, interest rates, and current account balance. The rise of the value of a currency occurs due to the following things:
- Stimulated growth of the economy.
- Rate of inflation’s moderate bump (around 2% a year).
- The improvement of the trade balance. The trade balance is the total amount of income, goods, services, currency transference concerning other countries.
- The government of the country increasing the interest rates.
- Introduction of policies by the government that can influence supply-side economics.
Q5. Is having a high-value currency a good thing or a bad thing for the economy?
It can be both. For some countries, having a high-value currency is beneficial, whereas some countries can also benefit from having a weaker currency. This is because the weaker currency aids their export industry. Gaining significant market shares is easier for these countries as their goods are comparatively cheaper to buy. But, it is not always the strategy for the improvement of the revenues of export. Currencies like the Nigerian naira or the Tanzanian shilling are weaker because of their grave economic challenges.