Currencies Valued More Than the US Dollarby Jessica Smith Blogger
Why a Few Currencies Are Valued More Than the US Dollar?
The US Dollar is the most frequently used currency in international transactions across the world. People use to compare every amount in terms of the US Dollar. “USD” is the abbreviation used for the US Dollar. All the major currency pairs in the foreign exchange market consist of USD.
Even though it is used by a large population and a highly traded currency, but still it is not the most valuable currency in the world. There are many other currencies that are more valuable than USD. There is nothing to shock about because across the world, there are many other economies that are stronger than the American economy.
Currencies Stronger Than USD
Several currencies are valued more than USD because of their strong economy and business transactions around the world. Currencies that are stronger than USD are:
British Pound (GBP)
The British Pound Sterling is the oldest currency in use and the abbreviation used for it is GBP. It is among the top five most exchanged currencies in the world. The Bank of England is the governing bank of the pound sterling. The first issued banknotes of the pound sterling were three hundred years ago.
Euro is the currency that is used by most of the European countries but not all of the countries. It comes second on the list of the most exchanged currencies in the world. The European Central Bank (ECB) is the bank that manages all the operations of the euro currency.
Jordanian Dinar (JOD)
Jordan is a country of the United Arab Emirates (UAE) and the dinar is its national currency. The currency abbreviation for the Jordanian Dinar is (JOD). In 1950 it became the officially recognised currency of the nation. The economy of the UAE is among the strongest economies in the world.
Kuwaiti Dinar (KWD)
Kuwaiti Dinar is used in the states of Kuwait and (KWD) is the abbreviation for it. This nation is situated between Saudi Arabia and Iraq. The Kuwaiti Dinar is introduced in the year 1961. It is the strongest currency in the world because of its oil extraction. The land is oil-rich and it is a prime exporter of oil in the whole world.
Is GBP the Strongest Currency?
The British Pound Sterling or GBP is among the strongest currencies in the world because of its powerful economy but the strongest in the world is Kuwaiti Dinar. The European economy is strong due to its valuable exports across the world. Kuwait is one of the leading producers of crude oil and several other things that makes the economy powerful.
Is Dinar Stronger Than US Dollar?
Kuwaiti Dinar has been the strongest in the world for more than 30 years. This is because of the continuous development of oil industries in the nation. Apart from crude oil, there are other several products that are highly produced and exported worldwide. All these actions make the Kuwaiti Dinar stronger than the US Dollar.
Is Euro Stronger Than the US Dollar?
The economy of Europe is more stable as compared to the economy of the United States of America. During the pandemic period also the situation of Europe was good as compared to the USA. Europe is the hub for many leading companies across the world, which makes its economy stronger than others. It is the reason why the US Dollar is stronger than the Euro.
Brokers for Forex Trading
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Enjoy trading with a minimum initial deposit of $100 or you can also go for a demo account for a little bit of understanding. Several trading instruments are available to trade with 101Investing. 1:400 is the highest limit of leverage offered by this broker.
Traders can trade using multiple devices as the broker is offering web, desktop and mobile trading options. Take benefit of commission-free trading and dedicated customer service.
The Bottom Line
The US Dollar is the most exchanged currency in the world but it is not the strongest currency in the world. There are several currencies in the world that are stronger than USD because of their higher production or establishment of MNCs. Low-cost production and higher exports make the economy strong in the international market.
Traders can trade currencies with trusted brokers. Earn higher returns by calculating trade opportunities.
Created on Apr 14th 2021 05:51. Viewed 124 times.