ZAforexTop currencies by value, live
Why are some currencies worth so much?
A high unit value does not by itself mean a stronger economy; it reflects how a currency was set up and managed. The Gulf currencies are pegged to the US dollar or a basket at a high rate and are backed by large oil revenues and reserves. Kuwait pegs its dinar to an undisclosed basket; Bahrain and Oman peg to the dollar. The Swiss franc and the pound are strong because of decades of low inflation, deep capital markets and trust in their central banks.
"Strongest" vs "most traded"
The US dollar is on one side of almost 90% of all forex trades and is the world's main reserve currency, so it is the most powerful currency even though one dollar is worth less than one dinar. The euro, yen and pound follow. The rand is one of the most actively traded emerging-market currencies.
Where does the rand rank?
The rand trades at a much lower unit value (it takes well over R10 to buy a dollar), but that tells you little about the economy: the Japanese yen has a low unit value too. What matters for South Africans is whether the rand is strengthening or weakening; track that on USD to ZAR.
Frequently asked questions
Which currency is the highest in the world?
The Kuwaiti dinar (KWD). One dinar buys more than three US dollars.
What is the strongest currency in Africa?
By unit value, the Tunisian dinar is usually the highest-valued currency in Africa, ahead of the Libyan dinar. Pegged and well-managed currencies such as the Botswana pula are known for stability.
Is the US dollar the strongest currency?
Not by unit value, but it is the most widely used and held currency in the world.