The world's most powerful currencies, and where the pound ranks
Daniel Coughlin
Thu, 21 March 2024 at 12:53 am SGT10-min read
The strongest currencies in 2024, and why they're so powerful
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There are 180 currencies recognised as legal tender around the world today, but only a handful are used for international transactions. The most powerful of these dominate global trade, finance, and foreign exchange reserves.
In a recent report,
Insider Monkey ranked the world's top currencies based on their forex trade volume, status as a reserve currency, and strength on face value in terms of exchange rate.
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Read on to discover the 15 strongest currencies in the world today – and find out facts you may not know about the legal tender that makes the world go around.
All dollar amounts in US dollars.
11. Singapore dollar
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The Singapore dollar was launched in 1967 following the city-state's separation from Malaysia. Also referred to as "the sing", the currency was kept at parity with the Malaysian ringgit until 1973, when it was pegged to a basket of undisclosed currencies.
More than 20 currencies use the dollar name at present. It derives from a silver coin called the "joachimstaler", which was first minted in 16th-century Bohemia. The name was shortened to "taler" in everyday use before becoming "daler"
, which became "dollar" in English.
11. Singapore dollar
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American colonists used the name for the Spanish real and adopted it for their own currency following independence. This has inspired many other countries, including Singapore, to do the same over the years. Currently, one Singapore dollar is worth a respectable 75 US cents (59p).