Strongest and weakest currencies in the world against US dollar

The Indian rupee has depreciated more than 10% so far in 2018 and is hitting new lows every other day since it breached the 70 per dollar mark, sending shockwaves across the country. Here's a list of the strongest and weakest currencies.

Strongest: Kuwait Dinar
Currency code: KWD
1 KWD = 3.33 $
 
Kuwait Dinar, first issued in 1961, is the strongest world currency against US Dollar. It is considered the most valuable currency due to its stable value and significant oil goods exports into the global market. Although growth had been rapid over the past 20 years, the economy had contracted since 2013 when crude oil prices declined. The contraction was due to some extent on lower crude oil prices which the nation has relied on as a major export.

Strongest: Bahraini Dinar
Currency code: BHD

Bahrain Dinar is the second most valuable currency. Bahrain is the Persian Gulf island state with population of a little more than 1 million. The country's largest income is the "black gold" exports. In recent years, the country has struggled economically, without an agricultural industry and high rates of unemployment. But it has recovered and currently Bahrain is rated to be the fastest-growing economy of the Arab countries.
It is interesting to know that the exchange rate of Bahrain Dinar against US Dollar has remained same for 14 years already.

Strongest: Oman Rial
Currency code - OMR

Oman is a very open economy, with 77% of its economic output being the result of trade, and is also heavily dependent on oil, making the economy and the currency heavily influenced by the price of oil. Like many oil-rich nations, Oman is attempting to diversify its economy away from dependence on oil.
The purchasing power of this currency is so high that the government has to issue 1/4 and 1/2 Rial paper banknotes.

Strongest: Jordan Dinar
Currency code - JOD
1 JOD = 1.41 US $
 
Jordan is a small country with limited natural resources and it is also not economically developed. But despite that, Jordan Dinar is one of the most powerful world currencies. At present, the country is also exploring ways to expand its limited water supply and using existing water resources more efficiently, including through regional cooperation with Israel.

Strongest: British Pound

 
The British pound is one of the oldest and most widely-traded currency in the world. It is the most valuable currency in Europe. In the past 10 year, two major shocks have put GBP/USD under heavy selling pressure. Sterling slumped during 2008 as the financial crisis intensified and then tested 31-year lows after the 2016 Brexit vote. Brexit has left the UK currency under pressure and this pressure is only likely to intensify in the coming months as markets eye the finalisation of Brexit talks.

Weakest: Iranian Rial
Currency code: IRR
US $1 = 42,105 IRR

The Iranian rial has been steadily losing its value against the dollar since the 1979 Islamic Revolution, from 70 to a dollar to the current 42000-plus levels. The Iran-Iraq War, and the threat of its nuclear programme further saw its isolation following economic sanctions and restricted access to the world commodity market. As a major oil producer, Iran's economy hit rock bottom, as it found limited takers.
In April 2018, one dollar was exchanged for up to 60,000 rials in central Tehran, as people sceptical of the country's economic performance and uncertain about its future political stability rushed to get hold of more-stable foreign tender.

Weakest: Vietnamese Dong
Currency code - VND
US $1=  23,314 VND
 
Vietnam became a unified country in 1975 when the armed forces of the Communist North seized the South. This followed three decades of bitter wars, in which the Communists fought first against the colonial power France, then against South Vietnam and its US backers. All this affected the economy. The Vietnamese government has devalued the currency many times since the 1980s in order to boost exports. In fact, confidence in the currency was so low, US dollars were widely used and largely preferred as a means to pay for goods and services, particularly by wealthier Vietnamese citizens and foreign tourists. In recent years, Vietnam has successfully integrated itself more into the global economy, including the United States.

Indonesian Rupiah
Currency code - IDR

On September 3, the Indonesian rupiah fell to its weakest level against the US dollar in more than 20 years. In 2018, the rupiah has been among the worst performing currencies in the region, which analysts have attributed to its current account deficit and mayhem in emerging markets caused by the Turkish lira crisis.

Guinean Franc
Currency code - GNF
US $1 = 9,025.35 GNF
 
The Guinean Franc, which is the currency of Guinea - African country is the most inflated currency. The country has rich and abundant natural resources, including 25% or more of the world's known reserves of bauxite, more than 4 million tons of high grade iron ore, significant diamond and gold deposits, and undetermined reserves of uranium.
However, the country, which has a GDP of $26.4 billion, has faced stalled economic growth because of political instability. Additionally, the Ebola virus slowed down Guinea's economic growth in 2014 and 2015.

Laotian Kip
Currency code - LAK
US $1 = 8,501.05 LAK
 
Kip is the only currency on this list, which did not devalue, but was originally issued at this low rate. Inflation and the financial crisis in 1997 are the main reasons for the decline of the country's economy. The government has introduced programmes and initiatives to encourage citizens to use the Kip over US dollars or Thai baht, which are commonly used by tourists and rich people.