Top Currencies as of June 2022

A country or nation’s currency often reflects its strength and stability. At this time, when inflation is rampant around the world, the high value of a currency shows that inflation is under control. When it comes to the topic of strong currencies, some think that US Dollar, Euro, and Sterling Pound bag the first to third spots because they’re the most available and most traded currencies, especially in forex trading

You might be surprised to know that a currency’s popularity often does not equate to its strength or value. Regarding the world’s top currencies, some lesser-known names usually bag the top 5 places. As of June 2022, here are the top five currencies of the world:

Top 5: British Pound Sterling (GBP)

Equivalence to USD = 1.21 USD

Equivalence to CAD = 1.56 CAD

For over two decades, GBP has been more robust compared to USD. When GBP is stronger, imports become cheaper, which is good news for British retailers and countries who export goods to the United Kingdom. On the other hand, if it grows weaker, UK exporters will be able to sell more of their goods and services to overseas buyers because the prices will go down.

Factors that affect the GBP’s strength include the UK’s pace of economic growth, future interest rate levels, and of course, the role of politics, especially since Brexit in 2016.

Top 4: Jordanian Dinar (JOD)

Equivalence to USD = 1.41 USD
Equivalence to CAD = 1.82 CAD

The Jordanian Dinar is one of the most expensive currencies in the world since the Jordanian government maintains fixed exchange rates for the JOD. This currency is pegged to the USD at around 1 USD = 0.709 JOD. As a result, the JOD exchange rates, unlike other currencies, do not change as much. Thus, it proves to be a stable currency.

Unlike other currencies that are affected by the uncontrolled interaction of demand and supply, Jordan’s tight government policy on exchange rates plays a vital role in this currency’s strength compared to others.

Top 3: Omani Rial (OMR)

Equivalence to USD = 2.60 USD
Equivalence to CAD = 3.35 CAD

Another strong currency today is the Omani Rial, still in third place. The Omani Rial has been able to maintain its stability for five decades and counting. For this length of time, the OMR has been worth 2.6 USD. The main reason behind this is the relationship between Oman and the US. As one of the world's leading oil producers, Oman receives a lot of US dollars from oil revenues. Thanks to its abundant oil supply, OMR currency has remained one of the strongest currencies in the world up until now.

Top 2: Bahraini Dinar (BHD)

Equivalence to USD = 2.65 USD
Equivalence to CAD = 3.42 CAD

Like Jordan, Bahrain’s economy is also heavily reliant on oil and gas revenues. So, any oil and gas prices shift may affect the country’s economy. This currency is pegged at 2.65 USD, so its high value does not say as much about its economy. This currency rises and falls in unison with the US dollar because the Central Bank of Bahrain runs it.

Top 1: Kuwait Dinar (KWD)

Equivalence to USD = 3.26 USD
Equivalence to CAD = 4.20 CAD

Kuwait’s economy relies on oil, making it one of the wealthiest countries in the world as measured by GDP per capita. This country is tax-free and has one of the lowest unemployment rates worldwide. Despite its strength, KWD is not usually used as a speculative trading instrument because of its low volatility.

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