Top 5 Highest and Lowest Currencies in the World for 2024

Top 5 Highest and Lowest Currencies in the World for 2024.

Every country has its own unique currency, and the value of these currencies can fluctuate over time. Exchange rates often provide a glimpse into a nation’s economy. 

Curious to know which currencies are the strongest and weakest in 2024?

A currency's value can be affected by several factors, such as inflation, interest rates, monetary policies, and even political stability. 

In this article, we will explore the top 5 highest and lowest currencies of 2024 and what influences these values. 

Be sure to read until the end to get the full picture!

Let’s jump straight into the 5 highest and lowest currencies of 2024!

Top 5 Highest Currencies in 2024

Interestingly, four out of the five strongest currencies come from Middle Eastern countries. Here’s a breakdown of the top currencies and why they hold such high value:

1. Kuwaiti Dinar (KWD)

The Kuwaiti Dinar remains the world’s most valuable currency in 2024, thanks to its strong and stable economy. 

Kuwait’s wealth largely comes from its significant oil exports, one of the largest in the world.

 1 KWD = IDR 52,681.60

2. Bahraini Dinar (BHD)

Bahrain is an island nation in the Persian Gulf, and like Kuwait, its economy depends heavily on oil and gas exports. 

The Bahraini Dinar has been pegged to the US dollar since 1965, helping maintain its stability.

 1 BHD = IDR 42,985.60

3. Omani Rial (OMR)

The Omani Rial was introduced in 1970, replacing the Indian Rupee. Oman has a wellbalanced economy, with oil production playing a significant role in maintaining the strength of its currency.

 1 OMR = IDR 42,177.60

4. Jordanian Dinar (JOD)

The Jordanian Dinar is known for its steady value, supported by Jordan’s economic initiatives. While the country may not rely heavily on oil, its diverse economy helps keep the Dinar strong.

 1 JOD = IDR 22,785.60

5. Gibraltar Pound (GIP)

Rounding out the top five, the Gibraltar Pound is linked to the British Pound and benefits from a stable economy fueled by tourism and egaming.

 1 GIP = IDR 20,523.20

Top 5 Lowest Currencies in 2024

Unlike the strongest currencies, the weakest ones come from various parts of the world, with two hailing from Southeast Asia. Let’s see who made the list:

1. Iranian Rial (IRR)

The Iranian Rial holds the lowest value among global currencies in 2024. Its weakness stems from ongoing political unrest, international sanctions, and economic isolation.

 1 IRR = Extremely low

2. Vietnamese Dong (VND)

Vietnam’s Dong continues to struggle due to its developing economy, which is still working towards stability and growth. 

Despite challenges, Vietnam is slowly advancing in the global market.

 1 VND = Very low

3. Sierra Leonean Leone (SLL)

Sierra Leone is a nation dealing with extreme poverty, corruption, and a history of internal conflict, all of which contribute to the low value of its currency.

 1 SLL = Very low

4. Lao Kip (LAK)

Laos has faced economic hardships, but there’s hope as the country is making efforts to improve its financial standing. 

The Kip remains low in value but has shown signs of slow improvement.

 1 LAK = Very low

5. Indonesian Rupiah (IDR)

Despite efforts to strengthen the economy, the Indonesian Rupiah remains among the lowestvalued currencies in the world. 

This is due to factors such as decreasing foreign reserves and economic challenges.

 1 IDR = Relatively low

Factors That Affect Currency Value

Now that we’ve covered the lists, let’s dive into what influences a currency’s value. Several factors play a role in whether a currency rises or falls in the global market:

Interest Rate Differences

Interest rates, inflation, and currency value are closely connected. When a central bank changes its interest rates, it impacts both inflation and exchange rates. 

Higher interest rates can attract foreign investment, boosting a currency's value.

Inflation Rates

Generally, countries with lower inflation rates tend to have stronger currencies, as their purchasing power remains high. In contrast, high inflation often leads to a decrease in currency value, requiring higher interest rates to manage the inflation.

Public Debt

Countries with significant public debt or budget deficits are less attractive to foreign investors. Large debt levels can lead to inflation, reducing the value of the currency over time.

That wraps up our list of the highest and lowest currencies in the world for 2024, along with the factors that influence these values. Hope this information was helpful!

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