Rupee may fall
below Rs 80 against
US dollar in near-term; check 10 strongest currencies in the world
Produced by: Harshita Tyagi
Designed by: Pragati
The Indian Rupee is among the best-performing Asian currencies in the year 2023 so far. Year-to-date, the domestic currency is up half a per cent against the US dollar thanks to India's healthy macroeconomic indicators, positive interest rate differentials, declining inflation, and foreign investment inflows.
Rupee among
best-performing
Asian currencies
According to analysts, rupee may remain resilient and fall below Rs 80 in the medium term because of the fall in crude oil prices, easing of the dollar index amid expectations of a pause in rate hikes, India's narrowing current account deficit (CAD), and foreign capital inflows.
Rupee likely to appreciate
While most analysts are positive about the medium-term prospects of the dollar, there may be some intermittent volatility in the US dollar and Indian rupee (USDINR) pair according to the economic indicators.
USDINR pair to
remain volatile
The US dollar is generally seen as the most powerful currency in the world. However, the greenback is not the strongest of the 180-odd traditional fiat currencies recognised as legal tender worldwide. Check the strongest currencies in the world.
Strongest currencies
in the world
The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars or Rs 266 as of May 16, 2023. The Bahraini dinar is the second strongest currency in the world with 1 Bahraini dinar buying 2.65 USD or Rs 216.
Kuwaiti dinar, Bahraini dinar
The Omani rial is the third strongest currency in the world with 1 Omani rial buying 2.60 US dollars or Rs 212 as of May 16, 2023. The Jordanian dinar is the world's fourth strongest currency with 1 Jordanian dinar buying 1.41 US dollars or Rs 115.
Omani rial, Jordanian dinar
The British pound is the world's fifth strongest currency with 1 British pound buying 1.20 US dollars or Rs 102 as of May 16, 2023. The Cayman Islands dollar is the joint sixth strongest currency in the world along with the Gibraltar pound. 0.83 Gibraltar pound or Cayman Islands dollar can buy 1 USD or Rs 98.
British Pound, Cayman
Islands dollar
The Swiss franc and the euro are the joint eighth strongest currencies in the world. 1 Swiss franc or 1 Euro can buy 1.07 US dollars or Rs 91 as of May 16, 2023.
Swiss Franc
The US dollar is the 10th strongest currency in the world. 1 dollar can buy Rs 81 as of May 16, 2023. USD is also the largest reserve currency in the world and is the currency used to price many commodities, including oil, gold, and copper.
US dollar to Rupee
New Zealand dollar, Australian dollar, Singapore dollar, Brunei dollar, Libyan dinar, and Canadian dollar are among some of the other strongest currencies in the world.
Other strong currencies
Meanwhile, Iranian Rial, Vietnamese Dong, Sierra Leonean Leone, Lao/Laotian Kip, Indonesian Rupiah, Uzbekistani Som, Guinean Franc, Paraguayan Guarani, Ugandan Shilling, and Iraqi Dinar are some of the world's weakest currencies. 1 Rupee can buy more than 500 Iranian rials as of May 16, 2023.