The US dollar, the British pound, or the Euro come to mind when considering the highest currencies of the world. However you will be surprised that none of the above five currencies is the most expensive in 2022. Additionally, they are not usually from the world’s richest countries. The ‘Highest Currency’ is determined by how much they are worth in INR when converted.
Although the US Dollar is the most traded and powerful currency in the world, it may not be the most expensive. Let us know the top five highest currencies of the world.
1. Kuwaiti Dinar (KWD): The World’s Most Expensive Currency
The Kuwaiti Dinar, or KWD, is the most expensive currency in the world. KWD is the currency code for dinars. The INR to KWD conversion rate is the most widely used rate for Kuwait Dinars. Kuwait has one of the greatest reserves in the world, hence its economy is primarily reliant on oil exports. The demand for Kuwaiti cash is inevitable given the high price of oil. You should also be aware that Kuwait does not impose any taxes on people who work there.
One KWD is now worth 265.44 INR.
2. Bahraini Dinar (BHD) is the second-highest currency in the world. The national currency of Bahrain is the Bahraini Dinar, abbreviated BHD. Bahrain, a country in the Arabian Gulf, depends heavily on oil exports as well. The Dinar’s currency symbol is BD, and the currency code is BHD. INR to BHD popularity can be attributed to the fact that Indians make up the majority of Bahrain’s expat population. As Bahrain has the second-highest currency in the world, it draws immigrants from all over the world. Right now, one BHD is worth 216.70 Indian rupees.
3. Omani Rial: The third-highest currency in the world is the omani rial (OMR). The official currency of Oman is the Omani Rial, abbreviated OMR. As INR was the national currency of Oman prior to 1940, INR to OMR Rate is the most often used Rial exchange rate. Oman, which is located on the southeast coast of the Arabian Peninsula, is primarily an oil-producing country. The Omani riyal is linked to the US dollar. One OMR is now worth 208.18 INR.
4.Jordanian Dinar (JOD): This is the Fourth Highest Currency in the World. Jordan’s Dinar, abbreviated JOD, is the country’s currency. The fact that Jordan’s Government maintains stable exchange rates is a fundamental factor in the strong value of the Dinar. In contrast to its neighbours, Jordan is less dependent on oil exports, which is advantageous because their economy is more diversified. The Jordan Dinar to Euro conversion rate is the most well-liked one. Currently, one JOD is worth 94.64 Indian Rupees, or 115.21 in INR.
5: Caymanian Dollar (KYD): This is the Fifth Highest Currency in the World. The Cayman Islands’ official currency is the dollar. The USD to KYD conversion rate is the most often used Cayman Islands Dollar exchange rate.The Cayman Islands Dollar replaced the Jamaican Dollar as the country’s official currency in 1972. The currency is referred to as CI$. One KYD is now worth 98.16 INR.
Having a high-value currency a good thing or a bad thing for the economy? It can be both. For some countries, having a high-value currency is beneficial, whereas some countries can also benefit from having a weaker currency. This is because the weaker currency aids their export industry. Gaining significant market shares is easier for these countries as their goods are comparatively cheaper to buy. But, it is not always the strategy for the improvement of the revenues of export. Currencies like the Nigerian Naira or the Tanzanian Shilling are weaker because of their grave economic challenges.