If you want to know about the strongest currencies of 2016 then the report is here. Believe me the US Dollar isn’t even in the first five according to 19th January 2016’s updated report for the year. The expensive currency is not even the British Pound or the Euro. The strongest currencies in fact belong to nations who aren’t even the wealthiest. However, they surely give you a run for money being so powerful. Let’s have a look at the strongest currencies below
AUD (Australian Dollar)
The Australian Dollar is a commodity based currency just like the Canadian dollar and has been more into trade than others. 1 AUD= 0.69 USD. Though 2015 hasn’t been much good for the AUD, it has gone down quite much. However, it has still managed to be among the top ten strongest currencies of the world list.
SGD (Singapore Dollar)
Singapore gained independence in 1965 when it was first pegged as a currency to the British pound and then the US dollar. It was then free floating after 20 years and it ahs skyrocketed since then. 1 SGD= 0.70 USD and the GDP forecasts over the last two quarters has been very strong.
BND (Bruneian Dollar)
Even though this is a really tiny nation but it still comes on number 8 as it has a very high GDP per capita. The currency might have fallen over the last 5 years but 1 LYD= 0.70 USD still. It was 0.83 USD before that. However, it still is very powerful in the international forex markets.
LYD (Libyan Dollar)
The Libyan Dollar is the 7th strongest currency of the world after Libya’s oil supply kept the nation standing easy with the rate. Currently, 1 LYD= 0.74 USD even if the price slump resulted in crude.
CHF (Swiss Franc)
The Swiss banking sector has truly made this currency more of a safe haven for international capital. While 1 CHF= 0.99 USD, the Franc came into being when the currency union was joined. This also gave a dual system then while the Franc got a sharp turn last year. This was against the USD exchange rate.
The 5th strongest currency is the Euro even if it has lots of political and economical systems unrest. It has still managed to be above the USD as 1 EUR= 1.09 USDs. Many people are still expecting the Euro to go down next year so that they can have some god tours within Paris or at least Rome.
GBP (British Pound)
Emerging number 4 on the list 1 GBP= 1.42 USDs, this currency had its streak until 2015’ end. Thus, the pound sterling still is very expensive for all Americans out there as you don’t even get half the amount back.
OMR (Omani Rial)
The Omani Rial is the 3rd on number to be one of the strongest currencies of the world. 1 OMR= 2.60 USDs even though the oil prices came down in 2014. For this currency the issues were of significance when oil was above $100 per barrel. This also gives the US extractors’ great margin for shale technology. Still the Omani Rial remains quite expensive against the dollar.
BHD (Bahrain Dinar)
Coming on number 2, 1 BHD= 2.65 USDs. This is also because of the ties with the KSA for the oil market. There is also one more reason for its popularity and this is because the American naval base crucial to the US is home here for the region. Thus, the strategic importance of Bahrain is raised.
KWD (Kuwaiti Dinar)
Yes, the Kuwaiti Dinar is the strongest currency of the world right now as 1 KWD= 3.28 USDs. The Dinar benefits from crude oil and so its history has had quite bumps alongside. It became online in 1061 and was valued 1:13:33 VS the Indian Rupee. Afterwards it became measured against others while it was adopted as the Iraqi Dinar in the Gulf War. It was then adopted as the KWD against the USD. It has been the strongest currencies since 2013.
Hence, you now know that the USD isn’t even among the top 5 currently. So you better run after Kuwaiti Dinars rather than running after getting more US dollars!