Currencies Currently Worth More Than the US Dollar


The US dollar has been considered the world’s reserve currency since the end of the Second World War. It is also the most widely used currency for international trade and financial transactions. The dollar is dominant for different reasons, like global demand and the fact that the US has the largest economy in the world.

Although the US dollar is an important currency globally, it’s important to note that other currencies can be worth more than the US dollar — meaning that 1 unit of that foreign currency is worth more than 1 US dollar. Before we continue, it’s important to note that having a valuable currency does not mean the economy is stronger. Now, let’s dive into the five currencies worth more than the US dollar.

Kuwaiti Dinar

From 2022 to 2023, the Kuwaiti Dinar (KWD) to the US Dollar (USD) fluctuated between $3.22 and $3.30, and the average exchange rate during this period was $3.26. During this period, the highest rate was on July 2, 2023, at $3.2718; on October 15, 2023, the lowest rate was $3.2175.

KWD is the highest-valued currency unit in the world, more valuable than the US dollar, because Kuwait is a major producer and exporter of oil. Oil exports have strengthened the currency, economic stability, and fixed exchange rate. Most people like to invest in KWD currency pairs through MT4 trading and other platforms since it outperforms the dollar as the strongest currency.

The fluctuation of the Kuwaiti Dinar in the past year was because of different economic and political factors. In 2022, the economy of Kuwait recovered from the pandemic and grew by 8.2% due to high oil production and prices. But the real GDP fell to 0.1% in 2023 because of OPEC+ oil production cuts. Also, the Central Bank of Kuwait executed policy rate hikes to maintain financial stability and contain inflation.

If there were to be any change in the exchange rate between the KWD and USD, it would be because of significant changes in the economic conditions of either country, geopolitical events, or shifts in their monetary policy.

Bahraini Dinar

Another currency pegged higher than the US dollar is the Bahraini dinar (BHD), which is $2.65. The highest exchange rate between the BHD and USD in 2023 was $3.772, but it soon fluctuated. From 2022 to 2023, Bahrain experienced strong growth with continual fiscal reform and high oil prices. In 2022, the economy grew by 4.9% due to hydrocarbon and non-hydrocarbon factors.

By 2023, the GDP grew to 2.4%, while the non-oil GDP grew by 3.3%. This was due to their higher interest rates and fiscal consolidation. The growth in 2023 was also based on the effects of 2022. Based on the strong economic performance and fiscal stability in Bahrain, it’s likely that the currency will remain strong.

Bahraini Dinar is the second-highest valued currency in the world, and this is due to its oil wealth, low inflation rate, banking and tourism sectors, and political stability and economic policies. It has also been pegged to the USD since 1980. It’s unlikely that the US dollar can reach the same value as the BHD, except there are significant changes in the economic situations of both countries.

Omani Rial

The Omani Rial (OMR) is also pegged to the US Dollar and is one of the most valued currencies in the world. It has a fixed exchange rate of 1 OMR to 2.60 USD. The currency remains strong due to the country’s oil production, tight monetary policies, and financial restrictions.

From 2022 to 2023, there was little fluctuation in the OMR currency. This was because of the country’s economic performance, political stability, and interest rate movements. The country’s economic performance is growing because of the government’s focus on diversifying the economy and implementing fiscal consolidation measures.

One of the reasons why OMR is so valuable is that it’s divisible by 1000 baisa. Most countries arrange their banknotes to be divisible into 100 units, but it’s 1000 for the Omani currency. It’s unlikely for the OMR to become the same as the USD because the former is pegged at $2.60 per rial and hardly fluctuates. Only significant changes in the country’s economy or monetary policies can lead to a change.

Jordanian Dinar

The Jordanian Dinar (JOD) to USD remained at $1.40 in 2023, with no volatility because the JOD is pegged to the USD. From 2022 to 2023, Jordan’s economic performance was based on a GDP growth of 2.5% due to robust private spending. The unemployment rate was reduced to 21.9%, and inflation receded to 2%, the lowest in 15 months, by 2023.

The Central Bank of Jordan also maintained its re-discount interest rate at 8.25% in June 2023. The Jordan Dinar is considered a strong currency because it is pegged to the US dollar rather than the Jordanian economy, so as the USD strengthens, the JOD will strengthen as well. Also, the country has relatively stable monetary policies and well-regulated banking systems.

The JOD is also pegged to other currencies aside from the USD. It would be difficult for the USD to reach the same value as JOD since JOD is pegged to the USD. The JOD is already stronger than the USD, and as the dollar strengthens, so does the dinar.

British Pound

From 2022 to 2023, the British Pound (GBP) to the US Dollar fluctuated between $1.06 and $1.28. As of December 2022, 2023, the GBP to USD is 1.26. The lowest in 2023 was $1.1827, and the average exchange rate for the year was $1.2431. In the first half of 2023, the GDP of the United Kingdom (UK) was flat, with higher underlying growth.

This was because of strikes and an extra bank holiday. By the second quarter of 2023, the GDP was half a percent stronger than predicted. Also, by May 2023, the Bank of England increased its Bank Rate by 0.25%. It increased to 4.5% and 4.75% in the fourth quarter. These factors caused the GBP to fluctuate.

The GBP is stronger than the USD because of different factors, one of which is the interest rate. The Bank of England increased interest rates to fight inflation, attracting foreign investments. Others include inflation and the history of the Pound Sterling. For the USD to become the same value as GBP, it needs higher interest rates, the balance of trade, positive market sentiments, the right monetary policies, and good economic health. But there’s no telling whether this is possible yet.

Future Projections for the US Dollar in 2024

Although the US Dollar performed well in 2023, it’s expected to weaken in 2024 because the Federal Reserve is preparing to ease its interest rates. According to a Bloomberg survey, most analysts expect the US dollar to weaken. Still, some major money managers like JPMorgan Chase & Co and Fidelity International say that the dollar will get stronger instead.

It’s also predicted that the US Dollar will fall against G10 currencies in 2024, especially declining in the second half of the year. Another prediction is that various currencies will strengthen against the dollar by the end of 2024. There would also be a bearish trend for the dollar, which could accelerate throughout the year. But gradually, the value of the dollar will weaken.


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