The US dollar is widely known as the most powerful and the most traded currency globally, often being the go-to choice for international transactions. However, when it comes to raw strength, measured by its value against other currencies, the greenback doesn’t necessarily take the top spot. Surprisingly, there are several currencies that surpass the US dollar in value, which serves as a common benchmark for currency strength.
Foreign currency is traded in pairs, meaning one currency is exchanged for another, and its value is determined through the exchange rate. Most currencies are “floating,” with values that fluctuate based on supply and demand, while some are “pegged,” meaning their value is fixed to another currency. These exchange rates play a crucial role in global trade, impacting the cost of goods and services across borders. Moreover, they present good and attractive opportunities for investors involved in the forex market.
Here are the top 7 strongest currencies in the world, when their values are compared against the Indian rupee according to Forbes.
