Currency exchange rates are important indicators that compare one country’s currency to another. Some Asian countries rank among the highest currencies in the world. While the US dollar is known as the most powerful and widely traded currency, it is not the strongest of all fiat currencies recognized worldwide.
Asian countries are progressing rapidly, making Asia the largest continental economy in the world. Asia is now the fastest-growing economic region globally. Asia is a vast and diverse continent. Each country has a rich cultural heritage and history. It is also home to some of the oldest civilizations. Many Asian countries have strong economies that support their strong currencies and economic stability.
Here is a list of the top 10 Asian currencies compared to the US dollar.
Asia top 10 currency 2024
Table of Contents
Kuwaiti Dinar
Kuwaiti dinar (KWD) is the highest and strongest currency in the world As of June 2024. It is valued at 3.26 KWD per US dollar.
Kuwait is situated between Saudi Arabia and Iraq. Country uses its oil resources to maintain the value of its currency. The dinar has been in use since 1961. The dinar is now linked to an undisclosed basket of currencies but initially it was pegged to the British pound.
Kuwait’s economy relies heavily on oil and gas exports. It is a leading member of OPEC and has one of the highest standards of living which is supported by a generous welfare system. Overall, the strength of the Kuwaiti dinar reflects the country’s economic stability.
Bahraini Dinar
Bahraini dinar (BHD) is the second most valuable currency in the world. It has an exchange rate of 2.65 BHD per USD.
Bahrain is an island nation located between Qatar and Saudi Arabia. Its main exports include petroleum products, raw aluminum and iron ore. Bahraini dinar was introduced in 1965. Bahrain’s economy relies heavily on oil and gas. It has diversified into finance, tourism, commerce and manufacturing. The country is a major banking hub known for its modern financial services.
Bahrain is famous for its impressive architecture which includes the Bahrain World Trade Center and the National Theatre. The steady influx of tourists boosts the service sector and helps maintain the value of the dinar. 70 percent of Bahrain’s government revenue comes from petroleum. Overall, One Bahraini dinar is equivalent to 223.09 Indian rupees, or INR 1 equals 0.004 BHD.
Omani Rial
Oman’s national currency, the Omani Rial (OMR) stands on third rank on the list of the highest currencies in the world. The OMR has a fixed exchange rate and it’s pegged to the US dollar. The exchange rate is pegged at 2.59, meaning $1 can buy 0.38 Omani Rial.
Oman is a coastal nation in Middle-east Asia bordered by Saudi Arabia, Yemen and UAE. Oman’s economy is dependent on its oil exports. The Oman Rial was introduced in 1973. Oman focuses on oil and gas exports, which account for the majority of its government income.
The country is also investing in other sectors, such as tourism, logistics and manufacturing. Oman is known for its magnificent natural landscapes, which includes the Wahiba Sands Desert and the Hajar Mountains.
Jordanian Dinar
The official currency of Jordan is the Jordanian dinar (JOD). It was introduced in 1949. It is the fourth strongest currency in Asia. The dinar is pegged to the US dollar. One US dollar is equal to 0.71 Jordanian dinars.
The country is landlocked and borders Egypt, Syria, Iraq and Saudi Arabia. Jordan’s economy relies on phosphate mining, agriculture and tourism. The stability of the dinar comes from sound economic policies and fiscal discipline. Jordan is known for its rich history and UNESCO World Heritage Sites, which include the ancient city of Petra. Jordan is less dependent on oil and gas exports, which is the reason behind challenges of slow economic growth and rising debt.
Brunei Dollar
The official currency of Brunei is the Brunei dollar (BND). It has been in use since 1967. As of June 2024, one US dollar equals 1.35 Brunei dollars.
Brunei’s economy is mainly supported by oil and gas exports, which makes it one of the most stable in Southeast Asia. Brunei is a high-income nation and one of the largest producers of liquefied natural gas in the world.
Brunei’s currency remains stable due to the country’s abundant natural resources. Brunei is also a popular tourist destination like beautiful beaches and pristine rainforests. The Brunei dollar is often used interchangeably with the Singapore dollar which reflects the strong relationship between the two countries.
Singapore Dollar
The Singapore dollar (SGD) is the official currency of Singapore. It was introduced in 1967. It is one of the most influential currencies in Southeast Asia. The SGD is one of the most traded currencies globally. It accounts for about 1.8% of daily forex trades. As of June 2024, one US dollar equals 1.35 Singapore dollars.
Since gaining independence from Malaysia, Singapore has grown significantly. Currently, Singapore is a high-income economy with a business-friendly environment that promotes economic growth. The country’s top exports include integrated circuits, refined petroleum and gold.
The Singapore dollar’s exchange rate is managed by the Monetary Authority of Singapore. MAS operates SGD to prevent high volatility of currency.
Azerbaijani Manat
The Azerbaijani manat (AZN) is the official currency of Azerbaijan. It was introduced in 2006. It is among the top 10 currencies in Asia. Currently, one US dollar equals 1.70 Azerbaijani manats.
Azerbaijan shifted to an oil-based economy after the Soviet era, which strengthened its economic position and boosted the manat’s value. Azerbaijan is also known for its rich cultural heritage and landscapes. Azerbaijan’s economy relies on exports of natural resources but has diversified into agriculture, tourism and manufacturing. The petroleum industry helps maintain the stability of the manat through significant foreign currency inflows.
Turkmen Manat
The Turkmen manat (TMT) is the official currency of Turkmenistan. It was introduced in 1993 after the Soviet Union collapsed. Before the introduction of Turkmen manat, the Russian ruble were used by the country. Currently, one US dollar equals 3.50 Turkmen manats.
The economy relies on oil and gas resources along with intensive agriculture. The Central Bank of Turkmenistan manages the currency of Turkmenistan. Turkmenistan has a growing economy and is known for its vast oil and gas resources. The country has also transformed its desert areas into productive agricultural regions and is producing cotton and wheat.
Israeli Shekel
The Israeli shekel (ILS) is the official currency of Israel. It was introduced in 1986 as the new shekel. Currently, one US dollar equals 3.72 shekels. Israel is the 29th largest economy in the world, with a GDP of $525 billion in 2022.
The country’s currency remains strong despite regional tensions and is also used in the occupied Palestinian territories. Israel exports diamonds, integrated circuits, refined petroleum, medical instruments and potassic fertilisers and its key markets are the United States, China, and the United Kingdom.
Saudi Riyal
The Saudi riyal (SAR) is the official currency of Saudi Arabia. It was introduced in 1925. Currently, one US dollar equals 3.75 Saudi riyals.
Saudi Arabia currency’s stability is supported by the country’s vast oil reserves which are a major part of the global oil supply. Saudi Arabia has the largest economy in the MENA region. Country is known for its historical and religious significance as the birthplace of Islam.
Saudi Arabia is home to the holy cities of Mecca and Medina. The country is working to diversify its economy. It has relaxed regulations to promote international trade and tourism. The Saudi riyal is one of Asia’s strongest currencies.
Conclusion
As the world is progressing, Asian countries are also keeping up with the pace and are moving forward. Even though China and India are the biggest economies of Asia, Indian currency and Chinese currency are not amongst the highest currency in asia. While the Indian currency, rupee is one of the major currencies in Asia, it generally does not rank among the very strongest. Similarly Chinese currency is not at its highest position currently.
However, the strong currencies of the top Asian countries signify how smartly these countries are managing their economies. Many Asian countries which were considered third world countries are equally participating in the growth and development of the Asian continent. Asia is known for its diverse and rich cultures, heritage and beautiful landscapes across the world but now these countries are prospering both technologically and economically.
