Kuwaiti Dinar Outranks US Dollar as Most Potent Currency Worldwide
The Kuwaiti Dinar has surpassed all, earning the title of the world’s most robust currency, even amid the strong influence of the US dollar, which only managed to secure tenth place, based on recent statistics. In this order, the Bahraini Dinar and Omani Rial are next in line, according to Reader Wall news source. With 180 currencies officially recognized as legal tenders by the United Nations, the strength of a currency does not necessarily reflect its popularity or usage.
What Determines Currency’s Strength
As per our source, the potency of a currency is assessed by gauging the variety of goods and services one unit of the national currency can acquire, and the foreign currency that can be obtained in return.
Top 10 Currencies Around the Globe
The Forbes list revealed the ten mightiest currencies on a global scale.
Established in 1960, the Kuwaiti Dinar has routinely claimed the title of the world’s highest value currency. As reported by Reader Wall, the currency has remained particularly desirable because of Kuwait’s economic resilience, owing to the country’s significant oil reserves and tax-exempt system. Given today’s exchange rate, the cost to secure one Kuwaiti Dinar is ₹270.10.
Conversely, though the US dollar trades at a higher volume globally, it only ranks tenth on the list. The Euro, the official currency of the 19-member Eurozone of the European Union, comes next – seeing the highest circulation after the US dollar and occupying the ninth spot on the list.
Reader Wall reports that factors such as economic growth, political stability, international demand, and natural resources play crucial roles in deciding a currency’s overall strength and value.
The Status of the Indian Rupee
Earlier in the day, the Indian rupee demonstrated a depreciation, falling 3 paise to 83.15 against the US dollar. This is due to the robust presence of the dollar among significant rivals abroad and the widespread sell-off in the domestic equity markets. The domestic currency opened at 83.13 at the interbank foreign exchange and further declined to 83.15 against the dollar, resulting in a 3 paise loss from its closing price the previous day.
