When we think about the popular currencies in the world, the currencies that click in our minds are US Dollar, Euro, Pound, Yen, or even rupees. But, do you know none of these currencies are even in top five currencies in the world in 2023 if we talk about their values. You will find some less-known names when talking about the highest currencies in the world 2023.
The fact is that the value of a country’s currency depends upon various factors. Please note the here we are talking about the most expensive currency in the world, not the most traded on. We all know the most traded currency in the world is undoubtedly the US dollar. Get ready for a surprise because the list of our top 10 highest and strongest currencies in the world includes some unexpected names.
Top and Most Expensive Currency in the World 2023
Let’s a quick look at the strongest currency in the world and their comparison with US dollars, euros, and Indian rupees. Find the list of most expensive currency in the world :
|Rank||Currency||Currency Code||Value in USD ||Value in Euro||Value in INR|
|10||Canadian Dollar||CAD||0.74 USD||0.69 EUR||61.08|
|9||US Dollar||USD||1 USD||0.93 EUR||83.02|
|8||European Euro||EUR||1.07 USD||1 EUR||89.09|
|7||Swiss Franc||CHF||1.12 USD||1.05 EUR|| |
|6||Cayman Islands Dollar||KYD||1.20 USD||1.12 EUR||99.80|
|5||British Pound Sterling||GBP||1.25 USD||1.17 EUR||103.84|
|4||Jordanian Dinar||JOD||1.41 USD||1.32 EUR||117.25|
|3||Omani Rial||OMR||2.60 USD||2.42 EUR||215.65|
|2||Bahraini Dinar||BHD||2.65 USD||2.47 EUR||220.26|
|1||Kuwaiti Dinar||KWD||3.24 USD||3.02 EUR||269.00|
Top 10 Strongest Currencies in the world 2023
Canadian Dollar (CAD)
Let’s kick start our list of most valued currencies in the world with Canadian Dollars. It is the 10th highest value currency on the planet. Informally, the Canadian Dollar is also called “Loonie” in honour of the bird that appears on the coin of one dollar. CAD is the sixth most traded and fifth-largest reserved currency in the world. You should also note that around 5% of the total forex trade takes place in Canadian Dollars.
Canada is a country that has natural resources in abundance. It has huge reserves of crude oil (13.21%) just behind Saudi Arabia and Venezuela. Plus, Canada has the 2nd largest uranium supply in the world.
One thing you should know about the Canadian Dollar is that its value greatly depends upon global price fluctuations. The value of CAD also depends upon the value of USD because the US is the main importer of Canadian Oil.
US Dollar (USD)
US Dollar is the official currency used in the United States of America. By far, it is the most used and traded currency in the world. It is also the most reserved currency in the world. Both commercial and central banks all over the world reserve currencies in Dollars.
Although getting challenged by other world powers like China, the United States of America is still the most powerful country in the world. Its currency i.e. US Dollar is often termed as the “Global Currency”. It means US Dollars are accepted in most countries.
According to data published in the year 2018, there are around 1.69 trillion US Dollars in Circulation. Plus, 70% of the banknotes of US Dollars are circulating outside the United States (US).
Swiss Franc (CHF)
There is an old perception that if it is swiss then it is royal and expensive. It is somewhat true because many swiss products including watches, chocolate, knives, etc. are world-famous. That’s why Switzerland has a stable and flourishing economy. The currency used in Switzerland is the Swiss Franc.
According to a report by the UN in the year 2016, Switzerland is the third richest landlocked country in the world. This country is also technologically very advanced. Plus, it also has a banking system running on bank secrecy. According to many investors, the Swiss Franc is a safe bet because Switzerland has one of the world’s strictest monetary policies. Some of the wealthiest persons on the earth choose to store their wealth in the official currency of Switzerland.
The banknote of Switzerland is also amazing. In fact, it is the only banknote in the world that has a vertical look.
European Euro (EUR)
European Euro is not only one of the highest but also one of the most powerful currencies in the world. This is the currency that you may opt for if you are looking to invest. The Euro is getting stronger and stronger every year. It is also the 2nd most reserved currency in the world after the US dollar. As per an estimate, around 25% of the world’s saving is in European Euro.
In the forex market, it is the 2nd most traded currency in the world in 2023 after US $. Currently, there are 25 countries around the world that have pegged their currencies with Euro at a fixed rate.
Talking about the use of Euro, We can tell you that Euro is the official legal tender in 19 counties of the European Union including Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Slovakia, Slovenia, and Spain.
Cayman Islands Dollar (KYD)
You might get amused to see this currency in the list of the highest ones. KYD is the official currency of the Cayman Islands which is an autonomous British territory. It is the only currency in the list from Caribbean countries.
This currency was introduced in the year 1972 replacing Jamaican Dollars. Subsequently, it becomes one of the strongest currencies in the World. Wondering why KYD is so expensive? Well, the reason is simple. The Cayman Islands are tax havens in the world. They provide licences to a large number of insurance companies, hedge funds, and the world’s largest banks. Currently, one Cayman Islands Dollar is equal to 1.20 US dollars.
British Pound Sterling (GBP)
Many of the readers might have thought that British Pound Sterling will top this list of the top highest currencies in the world from 2023. But, the fact is that this currency is at the fifth position. The currency code of the British Pound Sterling is GBP and it is equal to 1.25 USD and 103.84 Indian National Rupees (INR).
Please note that British Pound Sterling is the best currency in Europe in 2023. Apart from England (Great Britain), GBP is the official currency of countries like Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. As per some experts, GBP is the oldest currency in the world that still exists.
Apart from this, British Pound Sterling is also the 4th most traded currency in the world behind US Dollar, European Euro, and Japanese Yen. With Britain doing so much of economical activities and London being the financial capital of the world, it is not all surprising to see GBP is this list.
Jordanian Dinar (JOD)
The fourth most expensive currency on our list is the Jordanian Dinar. This currency was introduced in the county in 1949 replacing the Palestinian pound. Despite the high value of Jordanian Dinar, it is hard to explain why this country is not economically developed. Apart from this, the country has a big external debt as well. According to many experts, the reason why Jordanian Dinar has a high value is that its government keeps fixed exchange rates of the currency.
Both Israeli Shekel and Jordanian Dinar are used at West Bank which is a controversial territory at the border of Israel, Jordan, and Syria. On a positive note, Jordan is classified as an “Emerging Market Economy” as per many reports.
Omani Rial (OMR)
Omani Rial is the 3rd most expensive/ valuable currency in the world. Since 1973, the currency is pegged to the US dollar. The purchasing power of Omani Rial is insanely high. So, the Omani government has to issue banknotes of half Omani Rial and one-fourth Omani Rial.
Thanks to its oil-rich territory, Oman has a developed economy with a high standard of living. But, in recent years, the government of Oman has diversified its income resources by investing in metallurgy, gas production, and Tourism. This is a plan of the government to tackle depleting oil reserves in the country.
Bahraini Dinar (BHD)
Bahraini Dinar is the 2nd highest currency in the world in 2023. Bahrain is an oil-rich country in Arabian Gulf. The Bahraini economy is heavily reliant on the export of petroleum products. Indians are the largest expat group in Bahrain. So, INR to BHD conversion is very popular. Interestingly, Saudi Riyal is also widely used and is legal tender in Bahrain along with Bahraini Dinar. The exchange rate of Saudi Riyal and Bahraini Dinar is fixed at 1 Dinar is equal to 10 Saudi Riyal.
Kuwaiti Dinar (KWD)
Kuwaiti Dinar is the highest and strongest currency in the world in 2023. Currently, its value is 3.24 USD. The currency code for Dinar is KWD. The reason why Kuwaiti Dinar is so strong is that Kuwait has a very strong and stable economy due to oil-rich land and industry. If you are fed up with your country’s tax system then you may consider moving to Kuwait because here you don’t have to any kind of tax. One KWD can buy you more than 269 Indian Nation Rupees. That’s why you can find a lot of Indians working in Kuwait.
Kuwait is a small country as far as its size is concerned. Still, it has more than 9% of the global oil reserves. All of these make Kuwait rank very high in the countries with the highest GDP per capita.
Note: The value of currencies is subject to change on a daily basis.
Frequently Asked Questions
The most expensive currency in the world is Kuwait Dinar or KWD. It is widely used in the middle east for the sell-purchase of oil. Currently, its value is equal to 3.24 US Dollars.
By far, the most traded and used currency in the world is US Dollar.
Well, it can be both. It depends upon the type of economy that a country has. A weaker currency helps a country in boosting its exports. It is so because their products are cheaper than the countries with stronger currencies. On the other hand, countries with high-value currencies have more purchasing power.
According to experts, the most stable currency in the world is the Swiss Franc or CHF. Here, CHF stands for Confoederatio Helvetica Franc which is the country’s name in Latin. This currency is stable because sound monetary policies are followed by the Swiss government.