US Dollar Is At 10th Position In The World: Check Top-10 Currencies List, Indian Rupee’s Rank – News18

The currency is the most basic unit of an economy, which is a medium of exchange of goods as well as a store of value. The strength of a currency also indicates the health of the economy. The stronger it is, the more confidence in the economy among investors. According to a Forbes report, the Kuwaiti Dinar is the strongest currency in the world, while the US dollar is the 10th top currency.

Forbes has released a list of top-10 currencies in the world, along with factors that made them strong.

US Dollar

The currency at the 10th position is US Dollar: According to the Forbes report, is the most widely traded currency globally and holds the position as the primary reserve currency.

Euro

The 9th-strongest currency in the world, as per Forbes, is Euro. It is the second-largest reserve currency and the second-most traded currency worldwide.

Swiss Franc

The 8th-strongest currency is the Swiss Franc. It serves as the currency of Switzerland and Liechtenstein. Switzerland is known for its economic stability and is among the world’s wealthiest countries.

Cayman Islands Dollar

The Cayman Islands Dollar is the 7th-largest currency in the world. Its value is the 5th highest globally. Initially using the Jamaican Dollar, the Cayman Islands adopted their own currency in 1972.

Gibraltar Pound

Gibraltar Pound, which is the currency of Gibraltar, is the 6th strongest currency in the world. It is pegged at par value to the British pound sterling. As a British overseas territory, Gibraltar depends on sectors like tourism and e-gaming, according to Forbes.

British Pound

Apart from Great Britain, British Pound is also broadly used in other countries and territories. The Pound holds a significant place in global finance and is the 5th strongest currency in the world. London’s status as a financial hub and Britain’s extensive trade activities contribute to the strength of the pound.

Jordanian Dinar

Jordanian Dinar is the 4th-strongest country in the world. It is used in the Middle Eastern country Jordan. According to Forbes, Jordan’s fixed exchange rates and diversified economy have contributed to the high value of its currency.

Omani Rial

Omani Rial is among the top-3 currencies in the world. It is at the third position in terms of the strength of the currency. According to Forbes, Omani Rial was introduced after the country ceased using the Indian rupee as its official currency. As a country with significant oil reserves, Oman’s economy heavily relies on the oil sector. The Omani Rial, which is tied to the US dollar, is the third most valuable currency in the world.

Bahraini Dinar

Bahraini Dinar (BHD) is the second-most strong currency in the world. It is pegged to the US dollar and exclusively used in Bahrain. According to Forbes, with a strong expat community, including a significant number of Indians, the BHD holds the position as the second strongest currency globally.

Kuwaiti Dinar

Kuwaiti Dinar is the world’s strongest currency, on the back of Kuwait’s economic stability, driven by its oil reserves and tax-free system, according to Forbes. It was introduced in 1960.

Meanwhile, according to Wednesday’s exchange rate published on the International Monetary Fund’s (IMF) website, India is ranked 15th with value listed as 82.9 per US dollar.