New Ranking Shows World’s Strongest Currencies in 2024, US Dollar Ranks Low
- The US dollar has lost its place as the world’s strongest currency despite being considered an international trade currency
- The world’s strongest currencies are now from the Middle East, which has vast oil resources
- The US dollar came surprisingly last on the 2024 list of international currencies
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
While the US dollar is globally acknowledged as the most influential currency, holding a dominant position in international trade, there are over 180 traditional currencies known as legal tender.
The US greenback does not rank among the world’s strongest currencies.
Source: Getty Images
A Forbes analysis has shown the world’s strongest currencies, measuring how many units of foreign currency can be obtained in exchange for the USD.
The exchange rates used in the assessment were derived from their currency converter, relying on data obtained from Open Exchange.
Top 10 strongest currencies in 2024
Kuwaiti Dinar
The Middle Eastern country’s currency stands solid and tall globally, with an FX rate of 1 Kuwaiti dinar buying $3.25. The valuation shows the country’s solid economic fundamentals, driven by its vast oil reserves.
Bahraini Dinar
Bahrain’s currency comes second on the list with an FX rate of 1 Baharaini diner acquiring $2.25.
The country’s economic strength is in its diversified economy, focusing on oil and tourism.
Omani Rial
Yet another Middle Eastern country, Oman’s Rial, is valued at 1 to $2.60. Its currency’s strength is supported by its stable macroeconomic environment, careful fiscal policies, and a robust oil and gas sector.
Jordanian Dinar
The country’s currency is fourth, with an exchange rate of 1-$1.41. The country’s currency shows its efforts at maintaining a stable economy despite regional upheavals.
British Pound and Gibraltar Pound
The two currencies share the fifth position with the FX rate of $1.27 to 1 pound. The UK’s strong currency and diverse economy, including Gibraltar’s financial services sector, strengthen their positions among the world’s strongest currencies.
Cayman Islands Dollar
The island nation’s currency claims the seventh position with the FX rate of 1 Cayman Islands dollar buying $1.20.
The country’s currency derives its strength from its status as an international banking and investment capital.
Swiss Franc
In the 8th position is the Swiss Franc, with an FX rate of 1-$1.8. The country’s solid economy, low inflation, and reputation for financial strength contribute to the currency’s robust performance.
The Euro
The euro is ranked 9th on the list, with 1 euro buying $1.10, despite the economic challenge in the bloc. The currency has remained formidable, bolstered by the financial strength of its member countries.
US Dollar
The US dollar takes the last spot as the 10th strongest currency in the world, maintaining self-parity.
This comes as the Nigerian currency is also ranked as Africa's weakest currency in 2023.
Dollar ranks10th strongest currency worldwide
Legit.ng reported that In a recently released report by Forbes, the US dollar has lost its place as the world's best and strongest currency, despite being pegged to most global currencies.
The US dollar is popularly seen as the most powerful currency in the world and the most-traded currency on the global market by margin.
However, the US greenback is not the strongest globally and remains the most traded by a margin.
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Source: Legit.ng
