A currency usually refers to the banknotes and coins legally recognized by the central bank and government of a country. Every country has its currency which has some value in the foreign exchange market. These currencies' values help facilitate the smooth flow of trade and commerce between countries through a standardized measure of value. In today's world, there are about 180 countries, which are globally recognized by the United Nations, but here, we will only take a look at the top 10 currencies in the world on the foreign exchange market.
- Kuwaiti Dinar (KWD)
Kuwaiti Dinar is considered the highest and most valued currency in the world. The country Kuwait is located in the rich oil fields areas of south-western Asia. It exports a huge quantity of oils to the rest of the world because of the high oil demand, and thus this also increases the demand to pay in Kuwaiti currency, making it the most valuable currency. The current value of the Kuwaiti Dinar is 248.84 in terms of the Indian Rupee and 3.28 in terms of the US Dollar; i.e., 1KWD = 248.84 INR = 3.28 USD. Former Ottoman Empire countries such as Tunisia, Serbia, Iraq, Algeria, Libya, Jordan, Kuwait, and Bahrain use this currency as their main currency.
- Bahraini Dinar (BHD)
It is the currency of Bahrain. Bahraini Dinar is considered the second most expensive currency globally because of the increased demand for this currency due to the number of exports of petroleum products from Bahrain. The current value of the Bahraini Dinar is 201.46 in terms of Indian Rupee and 2.65 in terms of US Dollar; i.e., 1 BHD = 201.46 INR = 2.65 USD.
- Omani Rial (OMR)
It is the official currency of the Oman. The currency code of this currency is OMR. The location of Oman in the Persian Gulf allows it to increase its export of oil reserves to the other countries of the world, which makes OMR the third-strongest currency in the world. The current value of the Omani Rial is 197.33 in terms of the Indian Rupee and 2.60 in terms of the US Dollar; i.e., 1 OMR = 197.33 INR = 2.60 USD.
- Jordanian Dinar (JOD)
Jordanian Dinar is also considered one of the strongest currencies in the world due to a variety of activities ranging from mining and manufacturing to finance and trade instead of exporting petroleum products. The current value of the Jordanian Dinar is 107.14 in terms of the Indian Rupee and 1.41 in terms of the US Dollar, i.e., 1 JOD = 107.14 INR = 1.41 USD.
- Pound Sterling (GBP)
The Pound Sterling is considered the official currency of the UK and the United Kingdom's overseas territories and crown dependencies. It is recognized as the fifth-highest currency in the world. This currency is strong due to many exports of goods and services produced by UK companies and factories. The current value of the Pound Sterling is 99.36 in terms of Indian Rupee and 1.31 in terms of US Dollar, i.e., 1 GBP = 99.36 INR = 1.31 USD.
- Cayman Islands Dollar (KYD)
The Cayman Islands offer offshore banking services for thousands of hedge funds, financial institutions, and insurance companies as this region is popularly known as a tax haven. As a result, it became one of the strongest currencies in the world. The current value of the Cayman Islands Dollar (KYD) is 91.18 in terms of Indian Rupee and 1.20 in terms of US Dollar; i.e., 1 KYD = 91.18 INR = 1.20 USD.
- Euro (EUR)
Euro continues to be one of the strongest currencies in the world year after year. Euro is the official currency of 19 European countries which are part of the European Union. The current value of the Euro is 82.85 in terms of the Indian Rupee and 1.19 in terms of the US Dollar; i.e., 1 EUR = 82.85 INR = 1.19 USD.
- Swiss Franc (CHF)
The Swiss Franc is the official currency of Switzerland and Liechtenstein and is considered one of the strong currencies in the world due to its stability in the foreign exchange market. The current value of the Swiss Franc (CHF) is 81.38 in terms of the Indian Rupee and 1.07 in terms of the US Dollar; i.e., 1 CHF = 81.38 INR = 1.07 USD.
- US Dollar (USD)
US Dollar is the official currency of the United States of America. It is considered one of the most widely exchanged currencies globally as it is the base that measures the strength of other currencies. USD is known by certain nicknames such as two bits for quarter dollar, buck or single for 1 dollar, Jefferson or tom or deuce for 2 dollars, fin or five-spot or Lincoln or fiver for 5 dollars, Hamilton or ten-spot or sawbuck for 10 dollars, Jackson or double sawbuck or double eagle for 20 dollars, a grant or a yardstick for 50 dollars, Ben or Benji or Benjamin or Franklin or bill or century for 100 dollars, two bills for 200 dollars and grand for 1,000 dollars. The current value of the US Dollar (USD) is 75.94 in terms of the Indian Rupee and 0.30 in terms of the Kuwaiti Dinar; i.e., 1 USD = 75.94 INR = 0.30 KWD.
- Canadian Dollar (CAD)
The Canadian Dollar is the official currency of Canada. Most people forget about uranium when talking about Canada. It is known as the world’s second-largest supplier of uranium and crude oil reserves. Some of the common countries where goods are exported from Canada are the USA, UK, China, Mexico, and Japan. The current value of Canadian Dollar (CAD) is 60.23 in terms of Indian Rupee and 0.79 in terms of US Dollar; i.e. 1 CAD = 60.23 INR = 0.79 USD.
The above-mentioned currencies have the highest value in the world economy and the leftover currencies can be used for donations, duty-free shopping, bitcoin, exchanging it for another currency or saving it.