The 10 Strongest Currencies in the World 2024

Currencies are a unique form of national pride for their respective countries that reflect not only the vibrancy of the local economy but the nation’s standing in the world. Indeed looking at some of the strongest currencies around the globe reveals fascinating histories, resource wealth, and major trading centers. As of the end of 2022, the currencies listed here are among the world’s most valuable ones. International banks wield considerable influence in the global market, acting as credible institutions that underpin international financial systems. Key players like Citigroup Inc., Goldman Sachs Group Inc., HSBC Holdings plc, and Morgan Stanley have witnessed positive growth, even amid rising interest rates and a stronger dollar.

A holistic understanding of a currency’s strength is based on various factors over a long period of time, as explained before. While one pound is more than a dollar, the fact that the U.S. dollar is the world’s reserve currency and the world’s most traded currency, cannot be negated. One of the newest currencies, the Euro or EUR is the official currency of 19 countries, which makes it the most widely used ‘official currency’ in the world. Countries where it is used as an official currency include Germany, France and Spain, and it is often known to be the world’s second reserve currency. It is also known to be the second most traded currency on the foreign exchange market only preceded by the US dollar. In fact, the EUR/USD​ or ‘Fiber’ is the most traded forex pair in the world, accounting for almost a quarter of daily forex trades.

1. Switzerland has a strict monetary policy and low debt levels, making Franc a safe bet for investors while trading or storing currency.
2. The main way to gauge the dollar’s strength is by indexing it against a basket of currencies of major trading partners like Japan and the eurozone.
3. The official currency of 20 member states of the European Union (now including Croatia on January 1, 2023), the EURO was introduced on January 1, 2002.
4. The analysts cited its status as a haven in times of worsening economic conditions and stock market turmoil.

Currently, 1 EURO equals around $1.07 US dollars and is one of the most stable, viable, and flexible markets globally. Indeed the experiment of the EURO Zone to replace the national currencies of many European nations has proven to be one of the best success stories of 21st-century economics. The New Zealand Dollar, NZD or “Kiwi”, introduced in 1967, is 10th among the world’s most traded currencies. While once pegged to the US dollar, it now floats freely in the foreign exchange market and seems to have reached this place due to strong national GDP growth, high interest rates and political stability.

Swiss Franc (CHF)

Read ahead to discover the 16 strongest currencies that are used on a daily basis in 2021 and exchanged in forex trading​. The Swiss Franc, holding a place in the world’s foreign exchange reserves and ranked as no. 8th in the most traded currencies, is the national currency for Switzerland as well as Liechtenstein. The most notable fact is the high value of the currency compared to the US dollar.

Vladimir Putin, President of Russia, gave his backing to the initiative, proposing using the respective countries’ domestic currencies, which could reduce the power of the dollar in international trade. As additional developing countries become members of the BRICS, the possibility of de-dollarization is growing. Introduced in 1960, the year the bitcoin brokers country declared independence from British rule, it initially had an equal exchange rate with the British Pound Sterling (GBP). The British Pound Sterling is the oldest currency still in use, and has been around since the year circa 800. It is also referred to as sterling, or the pound sterling, which has its etymological origin in Old English.

Free Monthly Currency Bulletin

Read more about trading our US dollar index​, which is a basket of currency pairs with the USD as the base currency. You can trade the Australian dollar based on your speculations with a risk-free forex trading demo account, where the AU dollar and many other currencies are available to trade with virtual currency. 1 US dollar will get you around 1.45 Australian dollar, making it one of the most expensive currencies available.

The British Pound has established itself as one of the strongest currencies in the world due to its highly advanced economy and establishing London as an economic hub. Singapore has become economically strong since then, and is 11th on the list of largest foreign exchange reserves in the world. As the world’s most important currency, the dollar often rises in times of turmoil, in part because investors consider it to be relatively safe and stable.

Jordanian Dinar (JOD)

A fiat currency is money that has a value not tied to a physical commodity like gold or silver. But this is not the case for China, and it helps to explain why the country continues to buy gold regardless of price, and to hold onto it like the life of its economy depends on it. Based on China’s own actions, the only viable path they see for their currency to be strong and for their economy to be in a leadership position is to back it with gold.

Providing products to its clients in over 100 countries, they are involved with asset management, investment services, wealth management and securities. HSBC can be found in roughly sixty-five countries around the globe and is listed on both the London Stock Exchange and the westernfx review Hong Kong Stock Exchange. By 2018, it was considered to be the seventh-largest bank in the world and the largest in Europe. Headquartered in Paris, France, BNP Parabis employs over 190,000 people and receives the majority of its annual revenue from everyday client accounts.

The currency has proven to be very stable, even managing to stay strong in the current global scenario and so has become one of the strongest currencies in the world. Kuwaiti Dinar is the highest-valued world currency with an exchange rate of 3.26 USD, and it has been so for many years now. The Kuwaiti Dinar is widely used for oil okcoin review trades, especially in the Middle-East. You will receive just 0.30 Kuwait dinar after exchanging 1 US dollar, making the Kuwaiti dinar the world’s highest-valued currency unit per face value, or simply ‘the world’s strongest currency’. The U.S. dollar is the 10th-strongest currency in the world, with 1 dollar buying 1 dollar.