Top 10 Strongest Currencies in the World

top 10 strongest currencies in the world

 Many economies suffered significant losses as a result of the global outbreak of COVID-19, and stock markets plummeted. In addition, as a result of the COVID-19 outbreak, many investors and buyers became extremely risk averse and sat tight. And while many currencies may have fallen, it was unsurprising to see that the top ten remained unchanged.

So, out of the 180+ currencies recognized by the United Nations, I'm going to show you the ranking of the top ten strongest currencies in the world.

The exchange rates in this article are based on Google Finance data for October 2020. Here is a list of the top ten most powerful currencies in the world.

  1. Kuwaiti Dinar – (1 KWD = 3.27 USD)
  2. Bahraini Dinar – (1 BHD = 2.65 USD)
  3. Omani Rial – (1 OMR = 2.60 USD)
  4. Jordanian Dinar – (1 JOD = 1.41 USD)
  5. Pound Stirling – (1 GBP = 1.30 USD)
  6. Cayman Islands Dollar – (1 KYD = 1.20 USD)
  7. Euro – (1 EURO = 1.18 USD)
  8. Swiss Franc – (1 CHF = 1.10 USD)
  9. US Dollar 
  10. Canadian Dollar - ( 1 CAD = 0.76) 

World Strongest currencies 

So, if you're wondering what the world's strongest currency is, look no further. Then you've come to the right place because I'm about to reveal to you the world's strongest currencies, which will answer all of your questions.

1. Kuwaiti Dinar ( 1 KWD =3.27 USD) 

I'm sure many of us are unaware of the country known as Kuwait, but this is the country with the highest-valued currency despite its small size. This country exports a substantial amount of oil to the world market. Because the oil industry generates more than 80% of this very wealthy country's revenue, their currency is also very strong.

2. Bahraini Dinar ( 1BHD= 2.65 USD)

Here is another country that is also similar to Kuwait in size and they are located in the Persian Gulf and its largest source of income comes from the exports of Petroleum products. 

3. Omani Rial ( 1 OMR = 2.60 USD) 

The third strongest currency on our list is still the currency of a country based on petroleum exportation. Oman is another significant exporter of petroleum resources, and the purchasing power of the Omani currency is so strong that the Omani government is forced to issue 1/4 and 1/2 Rial bank notes.. 

4. Jordanian Dinar ( 1 JOD = 1.41 USD) 

Unlike the other 3 previously mentioned countries, Jordan is not an exporter of oil or Petroleum Products but the power of the Jordanian dinar comes from the fact that it is being pegged to the US dollar for the last 20 years and it still shows no sign of changing anytime soon. 

5. Pound Sterling ( 1 GBP = 1.30 USD) 

Actually here comes the first currency which is familiar people world wide and it is the official currency of the United Kingdom and many of its crown dependencies and overseas territories such as Guernsey and Gibraltar which also issue their versions of the currency but are still valued 1:1 with the English currency. 

6. Cayman Island Dollar ( 1 KYD = 1.20 USD) 

The Cayman  Island has the 6th most strongest currency in the world due to the fact that it is a tax haven and also one of the five largest offshore financial centres in the whole world. This island nation provides offshore licenses for hundreds of banks, hedge funds and insurance companies in various places of the world.

7. Euro ( 1 EUR = 1.18 USD) 

The EURO is the primary currency of the European Union and was adopted on January 1, 1999. 

It holds the title as the second world reserve currency and is the official currency of 19 of the 28 member countries in the EU. 

The currency first began virtually, in the form of traveller cheques and electronic bank transfers, and physical notes and coins appeared a few years later in 2002. 

The introduction of the EURO was meant to increase the economic interdependency of trade between all EU member that choose to adopt it. 

The Euro is not actually the currency of just a single country but it is the official currency of the European Union and it is also the world's second biggest reserve currency. Due to the fact that we all know that the Euro is home to some of the world's most economically developed countries, it is no surprise to learn today that this currency is so strong. 

8. Swiss Franc ( 1CHF =1.10 USD) 

Switzerland is among the world's richest and most stable countries and the Swiss Franc has become a safe haven currency due to the sound monetary policies and low debt levels of the country. 

Next on the list, we have the Swiss Franc, which is the official currency of Switzerland and Liechtenstein!

At roughly 1.01 USD for each CHF, it’s currently not the best conversion rate to USD on the list, however, the Swiss Franc still comes in at number nine for good reason.

Switzerland is one of the wealthiest countries in the world and has a solid track record in banking and finance.

9. US Dollar 

The US Dollar is actually the world's most traded currency and it is also the first reserve currency in the world followed by the Euro. This currency is consistently strong due to the fact that it has many buyers and this currency is held by both central and commercial banks all around the world for the purpose of international transactions. 

10. Canadian Dollar ( 1CAD = 0.76 USD) 

When it comes to the most traded currencies in the World, Canada's official currency is the number 6 on the list. The country's natural resources rank third in value worldwide, mainly due to Canada holding huge reserves of crude oil and the second largest Uranium supply on the planet. 

Some other Strong Currencies that did not Make it in the Top 10 

  • Brunei Dollar - [1 BND= 0.74 USD] 
  • Singapore Dollar-[ 1 SGD =0.74]
  • Libyan Dinar - [ 1LYD = 0.73 USD ] 
  • Australian Dollar - [1 AUD = 0.71 USD ] 
  • New Zealand Dollar - [ 1 NZD =0.66 USD]

Final Thoughts on the Top 10 Strongest Currencies in the World 

Now that you have seen the list of the top ten currencies in the world and their value win reference to the US Dollar, we hope that this article was of great help to you and that the knowledge from this article can help you in your different plans. 

We hope you enjoyed our list of the 10 strongest currencies in the world. 

Using this to knowledge to start a business or cater to these countries with a service-based business could be very advantageous for you. Try looking for opportunities in the countries with the strongest currencies and see what business opportunities there might be.