Top 10 Strongest Currencies in the World in 2024

While the U.S. dollar is widely regarded as the most influential currency globally and is the most traded, it is not the strongest when compared to other currencies. In fact, among the 180 or so traditional fiat currencies in use today, the greenback does not hold the top spot for strength.

Here’s a look at the top 10 strongest currencies in 2024, ranked by their relative value against the Indian rupee.

How Is Foreign Currency Priced?

Foreign currency is typically traded in pairs, such as exchanging U.S. dollars for Indian rupees or British pounds. Therefore, currency values are always quoted in relation to another currency, known as the "exchange rate."

Most currencies operate on a "floating" system, where their value fluctuates based on supply and demand. Conversely, some currencies are "pegged," meaning their value is fixed relative to another currency, such as the Indian rupee.

Exchange rates impact the cost of goods and services in different currencies. For instance, if the pound depreciates against the dollar, a vacation in the U.S. would become more expensive in pounds.

Exchange rate fluctuations also present opportunities for investors looking to profit from currency trading. For a deeper understanding of forex movements and to find top forex brokers, check out our detailed guide.

Important Note: Investing in foreign exchange markets carries risk. Market investments can fluctuate, and you could lose some or all of your capital. Leveraged products like contracts for difference (CFDs) are highly speculative and may lead to losses exceeding your initial investment.

Top 10 Strongest Currencies

Our analysis ranks the strongest currencies based on how many units of foreign currency you can get in exchange for one Indian rupee, highlighting currency exchange dynamics.

Currency Symbol INR Value USD Value

Kuwaiti Dinar (KWD) 1 KWD INR 272.76 $3.26

Bahraini Dinar (BHD) 1 BHD INR 222.15 $2.65

Omani Rial (OMR) 1 OMR INR 216.94 $2.59

Jordanian Dinar (JOD) 1 JOD INR 117.83 $1.41

British Pound (GBP) 1 GBP INR 108.38 $1.29

Gibraltar Pound (GIP) 1 GIP INR 108.38 $1.29

Cayman Islands Dollar (KYD) 1 KYD INR 101.39 $1.21

Swiss Franc (CHF) 1 CHF INR 93.27 $1.11

Euro (EUR) 1 EUR INR 90.99 $1.08

US dollar (USD) 1 USD INR 83.53 $1.00

Currency values from xe.com, updated as of July 15, 2024

Top 10 Strongest Currencies in the World in 2024

While the U.S. dollar is widely recognized as the most influential currency globally and is the most traded, it isn't the strongest when compared to other currencies. Here’s a rundown of the top 10 strongest currencies in 2024, based on their value against the Indian rupee (INR).

1. Kuwaiti Dinar (KWD)

• Value: 1 Kuwaiti dinar equals 272.76 Indian rupees (INR 1 = 0.003 KWD)
• Background: Kuwait, situated between Saudi Arabia and Iraq, is a major oil exporter. The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before switching to a basket of currencies.

2. Bahraini Dinar (BHD)

• Background: Bahrain, an island nation in the Persian Gulf, earns substantial revenue from oil and gas exports. The Bahraini dinar has been in circulation since 1965 and is pegged to the U.S. dollar.

3. Omani Rial (OMR)

• Value: 1 Omani rial equals 216.94 Indian rupees (INR 1 = 0.004 OMR)
• Background: Oman, located between the UAE and Yemen, is another significant oil exporter. The Omani rial, introduced in the 1970s, is pegged to the U.S. dollar.

4. Jordanian Dinar (JOD)

• Value: 1 Jordanian dinar equals 117.83 Indian rupees (INR 1 = 0.008 JOD)
• Background: Jordan, bordered by Egypt, Syria, Iraq, and Saudi Arabia, relies less on oil exports. The Jordanian dinar, introduced in 1950, is pegged to the U.S. dollar.

5. British Pound (GBP)

• Value: 1 British pound equals 108.38 Indian rupees (INR 1 = 0.009 GBP)
• Background: The pound, the currency of the UK, was first introduced in the 1400s and decimalized in 1971. It is free-floating and not pegged to any other currency.

6. Gibraltar Pound (GIP)

• Value: 1 Gibraltar pound equals 108.38 Indian rupees (INR 1 = 0.009 GIP)
• Background: Gibraltar, a British territory at the southern tip of Spain, introduced its pound in the 1920s. It is pegged to the British pound at par (1 GIP = 1 GBP).

7. Cayman Islands Dollar (KYD)

• Value: 1 Cayman Islands dollar equals 101.39 Indian rupees (INR 1 = 0.009 KYD)
• Background: The Cayman Islands, a British territory in the Caribbean, is a key offshore financial center. Its dollar was introduced in the 1970s and is pegged to the U.S. dollar.

8. Swiss Franc (CHF)

• Value: 1 Swiss franc equals 93.27 Indian rupees (INR 1 = 0.01 CHF)
• Background: The Swiss franc, the official currency of Switzerland and Liechtenstein, is considered a safe haven due to Switzerland’s political stability. It was introduced in 1850 and briefly pegged to the euro before floating freely.

9. Euro (EUR)

• Value: 1 Euro equals 90.99 Indian rupees (INR 1 = 0.01 EUR)
• Background: The euro, used by 19 of the 27 EU countries, began circulating in 2002. It is a free-floating currency and represents a significant portion of the European economy.

10. U.S. Dollar (USD)

• Value: 1 U.S. dollar equals 83.53 Indian rupees (INR 1 = 0.01 USD)
• Background: The U.S. dollar, introduced in the 1700s, is the currency of the United States and several other regions. It is the world's largest reserve currency and is used to price many global commodities like oil and gold.