Top 10 Highest Currencies in the World-2023 | Spring Money

Which currency strikes your mind when you think of the most valuable currencies? Maybe you're thinking of the US Dollar, Euro, or British Pound? Well if any of these came to your mind, let me tell you that none of these popular currencies could even make it into the top 5.

So, which currency is leading the pack?

While the US Dollar may be the strongest and most widely traded currency, it's not necessarily the most expensive or highly valued. That title goes to the Kuwaiti Dinar, which tops the list as the highest currency in the world. Are you curious to explore the complete list of the world’s most valuable currencies? We won’t keep you waiting any further. Read on to know about the 10 most highly valued currencies in the world in 2023.

S.No.	Currency	Currency Code	Currency conversion in INR	Currency conversion in USD
1.	Kuwaiti Dinar	KWD	267.47	3.27
2.	Bahraini Dinar	BHD	217.18	2.65
3.	Omani Rial	OMR	212.60	2.60
4.	Jordanian Dinar	JOD	115.33	1.41
5.	Gibraltar Pound	GIP	102.00	1.25
6.	British Pound	GBP	101.80	1.24
7.	Caymanian Dollar	KYD	98.29	1.20
8.	Swiss Franc	CHF	91.78	1.12
9.	Euro	EUR	90.22	1.10
10.	US Dollar	USD	81.94	1.00

Table content Source: Economic Times The exchange rate in the above table could differ due to numerous economic reasons, that we have mentioned in the conclusion.

1. Kuwaiti Dinar (KWD)

The Kuwaiti Dinar is the highest currency in the world with a conversion rate of 267.47 INR.

The oil-rich country, Kuwait is a leading exporter of oil because it has one of the world’s largest reserves. This results in its stable and robust economy, which is reflected in its currency.

Fun Fact: Kuwait got independence in 1961. Until 1959 the Indian rupee was used as legal tender and between 1959 and 1961 the Persian Gulf rupee issued by the Reserve Bank of India was into circulation as legal tender.

2. Bahraini Dinar (BHD)

The Bahraini Dinar is the second-highest currency in the world with a conversion rate of 217.18 INR.

The Bahrain economy is also heavily dependent on oil exports. The most popular Bahraini Dinar exchange is happening from the Indian rupee. This could be because Indians are the largest group that lives in Bahrain after locals.

Fun Fact: The exchange rates of the Bahraini Dinar against the US Dollar have remained stable since 2005.

3. Omani Rial (OMR)

The Omani Rial is the third-highest currency in the world, with a conversion rate of 212.60 INR.

Unlike Bahrain and Kuwait, Oman’s economy doesn't rely primarily on oil and gas exports but also on tourism because it has 5 UNESCO heritage sites, which has contributed to the country's economic stability.

Fun fact: Oman had INR as its local currency before 1940.

4. Jordanian Dinar (JOD)

The Jordanian Dinar is the fourth-highest currency in the world with a conversion rate of 115.33 INR.

Unlike its neighbouring countries, Jordan isn't heavily reliant on oil exports, in contrast, the economy is primarily service-based, with sectors such as finance, tourism, and transportation. With over 1 lakh archaeological sites and a popular destination for filming movies contribute decently towards its economy. The most popular Jordan Dinar exchange rate is the Jordanian Dinar to Euros rate.

Fun Fact: The government of Jordan keeps fixed exchange rates which is a major reason for its highly valued currency.

5. Gibraltar Pound (GIP)

Gibraltar Pound is the fifth-highest currency in the world with a conversion rate of 102.00 INR.

Gibraltar is a British Overseas Territory located at the southern tip of Spain. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound. The economy of Gibraltar is dependent on various industries, including e-gaming and tourism.

Fun Fact: In 1872 the Spanish currency became the sole legal tender in Gibraltar. But in 1898, the Spanish-American war caused the Spanish Peseta to drop alarmingly, and the Gibraltar Pound was introduced as the sole legal tender in the colony, initially in the form of British coins and banknotes.

6. British Pound (GBP)

The British Pound is the sixth-highest currency in the world with a conversion rate of 101.80 INR.

The British pound, also known as the ‘Pound Sterling’ is the official currency of the United Kingdom. GBP may not be the highest currency in the world but is the oldest one that still exists. It is also the official currency of Ireland and is the fourth most-traded currency in the foreign exchange market.

Fun fact: Prior to the First World War in 1914, gold sovereigns worth 1 GBP were in circulation.

7. Caymanian Dollar (KYD)

The Caymanian Islands Dollar is the seventh-highest currency in the world, with a conversion rate of 98.29 INR.

The Cayman Islands is known for its financial services industry and tourism sector. Prior to KYD, the Jamaican Dollar which currently stands at 85th rank on the highest currency list was the official currency of Cayman Island.

Fun fact: Cayman Island is popularly known as a “Tax Haven” because the country does not enforce any corporate or income taxes, on money earned from beyond its territory.

8. Swiss Franc (CHF)

The Swiss Franc is the eighth-highest currency in the world, with a conversion rate of 91.78 INR. The Swiss Franc is not just the official currency of Switzerland – it is also the official currency of Lichtenstein, as well as Campione d’Italia. Switzerland is known for its strong economy, particularly in sectors such as finance and the country has the second-highest per capita GDP (gross domestic product) in the world.

Fun Fact: Swiss Franc is the only currency whose banknote is vertical in view.

9. Euro (EUR)

The Euro is the ninth-highest currency in the world, with a conversion rate of 90.22 INR.

The Euro is the official currency of the Eurozone, which consists of 19 of 27 member states of the European Union. Euro is one of the highest currencies circulating in hard cash worldwide and surpassed the US Dollar at one time. The rich agricultural and industrial diversity has made Europe a centre of trade and commerce and has contributed primarily to its robust economy.

Fun Fact: Euro was first launched in 1999, and for 3 years it was an invisible currency, used only for accounting and electronic payments. The actual coins and banknotes were launched in 2002.

10. US Dollar (USD)

The USD is the tenth-highest currency in the world, with a conversion rate of 81.94 INR.

The US dollar might be the last on this list and might not be as highly valued as the above-mentioned currencies but it wouldn't be wrong to call it the strongest currency. The USD is by far the most traded currency in the world, and it is said that it will always remain on the top in the most traded rally.

Also, USD is the largest reserve currency globally, almost every central bank holds it as the world’s primary reserve currency. USD is also the currency used to price many commodities, including oil, gold, and copper.

Fun Fact: US dollar banknotes are made of 75% cotton and 25% linen. Due to this, it can be folded over 8000 times, unlike any other normal paper.

Conclusion

Also remember that the conversion rate keeps fluctuating, for example when this article was written, on 9th April 2023, 1 USD = 81.94 INR or could also be said as 1 INR = 0.012 USD. The next day, or even the next minute these exchange rates could differ due to factors like economic growth, inflation, interest rates, supply, demand, and other numerous factors.

For those who are thinking why Bitcoin and Ethereum aren't on the list- Because we are considering only fiat currencies that are legal and real. Unlike virtual cryptocurrencies like Bitcoin, Ethereum and others.

FAQs On World Currencies:

1. Which currency has the highest value in the world?

The Kuwaiti Dinar(KWD) is the highest currency in the world. Presently, 1KWD = 267.27 INR.

2. Which currency has the lowest value in the world?

The Iranian Rial(IRR) has the lowest value in the world. 1INR = 514 IRR.

3. Which is the most traded Currency in the world?

The US dollar(USD) is the most traded Currency in the World.

4. What is the rank of the Indian Rupee(INR) on highest valued currency list?

The Indian Rupee(INR) is presently ranked at the 31st position.

5. What is the World's oldest currency that is still in use?

The British Pound(GBP) is the oldest currency that is still in use.

6. Which is the newest currency in the world?

The South Sudanese pound is the newest currency in the world and was released in July 2018.

7. How many currencies are there in the world?

There are 180 legal currencies in the world.