The value of a currency depends on how much goods it can purchase as a single unit. The higher the currency rate, the more it can purchase. There are some countries who impose a limit on the exchange rate to maintain its purchasing power when importing their goods. US dollars had maintained its strength when it comes to trade yet it does not have the highest value. The highest value also does not really mean that country of the highest currency has the best level of economy and investment.
As of the latest exchange rate bulletin, Kuwaiti Dinar (KWD) is the most expensive out of all the currencies in the world. Though Kuwait is a small country, its wealth had been vast with its huge oil deposits. With a lot of oil experts in the country, Kuwait had secured a fixed high exchange rate with $3.31 per Kuwaiti Dinar.
Bahrain’s Dinar (BHD) also tops the list with $2.65 (Php118) per piece. With the huge export related to its size, its economy is mainly on refinery and oil production.
Oman’s Rial (OMR) reached the rate of $2.60 per piece. With its strategic location, Oman is closely tied up with US dollars. Also thanks to its solid economy and its booming level of human development.
Lavian Lats had introduced Euro since January 2014 but the currency is still of high value with $1.51. It is almost double of a dollar’s worth.
In the fifth place comes the United Kingdom’s Pounds Sterling (GBP). The British Pound Sterling had been on the top the most traded currencies for years and decades until it finally succumbed to the US dollars. As of the moment its rate landed in $1.46 (Php 65.5) a piece.
Coming in sixth is the Jodanian Dinar (JOD) which currently fetches at $1.41. The country’s economy does not have any particular strength and it does not have any particular resources such as oil to liven up the economy more, but it still ranked as the sixth currency to have the highest exchange rate.
Cayman Islands Dollar (KYD) rates with $1.22. Cayman Islands is a country known as tax-free center yet houses various banks, insurance companies and hedge funds that might be the secret of its high rate.
European Union Euro (EUR) ranked in eight with the value of $1.06 (Php47). While Euro had experienced financial challenges in the past years, it still comes strong with the help of the fact that 17 countries uses Euro as their official currencies including those with mush economic strength.
Swiss Franc (CHF) rates at $1.02 (Php 45.5) as it is not only wealthy but also stable when it comes to economy. It has a high exchange rate compares to US Dollars thanks to their over the edge technology goods valuable to many that it is imported around the globe.
One of the currency that surprisingly got into the list is the Azerbaijani Manat (AZN) which fetches at the rate of $0.95. This Asian currency comes strong with its economy and low unemployment rate. It is almost with the same value of the US Dollar.