Apart from Asia’s 59.76 per cent of the world population, its economy has commanded a lot of attention from investment analysts around the world, following some drastic economic policies that have led to substantial growth.
For instance, Asian countries like China (the biggest by GDP), Singapore, Japan, and South Korea among others have been able to reduce poverty despite the visible challenges confronting them.
Some of the economies in Asia have substantially improved their currencies against the USD by exporting more than importing.
For instance, Japan is notable for automobiles, South Korea is known for smartphones and chips and automobiles, Taiwan is known for rice and China is known for its breakthrough in science and technology.
Does this have an impact on their currencies in Asia?
OF course, if production is properly harnessed, it would have an impact on the value of the local currency.
This article compares currencies of the most populated continent with the United States Dollars (USD) in the foreign exchange market. And we came up with a list of the top 10 strongest currencies in Asia
Note: A lot of factors come into play for the currency of a country to perform well against its competitors at the exchange market.
If you’re an investor and considering penetrating the Asian booming market, check below for the best performing currencies in terms of their external value
Kuwaiti Dinar
The official currency in Kuwait, Kuwait Dinar isn’t just the strongest currency in Asia, but it is also the most valued currency globally.
It is more expensive than the United States Dollar (USD), Great Britain Pounds (GBP) and the Euro on the exchange market.
One USD is just 0.30 in the local currency in Kuwait. The oil-rich country is a pride to the tiny country for its constant foreign exchange rate policy.
Bahraini Dinar
On the second position is the legal tender of Bahrain. Bahraini Dinar isn’t just a local champion, but also a currency to reckon with in the international forex market.
1USD isn’t up to one Bahraini Dinar.
At the time of publication, 1USD is 0.38, meaning you get more money exchanging Bahraini Dinar to the USD.
Omani Riyal
The second position as Bahraini Dinar is Omani riyal. Until 1937, the Saudi riyal was the official currency of Omar. One USD is just 0.38 in the local currency.
Jordanian Dinar
The fourth most valuable currency in Asia is the Jordanian dollar. Apart from being one of the stable currencies in that continent, it can compete comfortably well with its competitors in the FX market.
$1is 0.71 in Jordan. A few thousand Jordanian Dinar will turn to millions in some Africa countries with weaker currencies.
Cyprus Euro
Cyprus became a member of the European Union on May 1, 2004. It is also a member of the Economic and Monetary Union of the European Union.
After completing the third stage of the EMU, the country adopted the Euro as its legal tender on January 1, 2008.
One USD is 0.92 in Cyprus Euro, making it the fourth-strongest currency among its Asian competitors.
Singaporean Dollar
From nothing in the 1960s, Singapore’s economy today is one of the fastest-growing economies in the world.
Apart from being a trading hub and investment destination for foreign investors and multinationals, Singaporean currency is also valuable.
It’s among the top ten in Asia with $1 to 1.36 to the local currency. The country has gone far beyond those it looked up in the 1970s, thanks to their visionary leaders.
Brunei Dollar
The sixth on the table is the Brunei dollar. $1 is 1.38 in local currency, which isn’t bad as the small oil-rich country continues to leverage its competitive advantage on the continent and in global business.
Azerbaijan manat (AZN)
Before 2015, $1 to AZN was 0.78 AZN, it depreciated to 1.05 AZN to $1 before the end of 2015 and by May 2017, it sheds more value against the USD to 1.7AZN, the same external value as the time of writing.
Despite the depreciation, the Azerbaijan manat is still the seventh most powerful currency in Asia.
Palestine Currency
Four currencies are accepted in different parts of the State of Palestine. They include Jordanian dinar, Egyptian pound, Palestine pound, and Israeli Shekel.
Using Israeli Shekel, $1 is 3.27 in the West Bank and the Gaza Strip where it is accepted.
The shekel is used for most transactions while Jordanian dinar is used for savings and durable many transactions. The United States dollar is used in some parts of Palestine
Israeli shekel
The Israeli shekel is the currency of Israel which is 3.28 against $1.
Recap:
| Position | Currency | Exchange Rate |
| 1 | 1USD to Kuwait Dinar | 0.30KWD |
| 2 | 1USD to Bahraini Dinar | 0.38BD |
| 2 | 1USD to Omani riyal | 0.38 OMR |
| 4 | 1USD to Jordanian dollar | 0.71JOD |
| 5 | 1USD to Cyprus Euro | 0.92EUR |
| 6 | 1USD to Singaporean Dollar | 1.36SGD |
| 7 | 1USD to Brunei dollar | 1.38B$ |
| 8 | 1USD to Azerbaijan manat | 1.7AZN |
| 9 | 1USD to Palestine Currency | 3.27 ISL |
| 10 | 1USD to Israeli shekel | 3.28 ISL |
Other most valuable currencies in Asia are Qatari Riyal ($1=3.64); Saudi riyal ($=3.75); Malaysian ringgit ($1=4.18); and Chinese Yuan ($1=6.32) while currencies like the Iranian rial, dong, Lao kip are among the lowest-performing legal tender in Asia, world’s largest continent.
Featured image by:
- Foreigncurrencyandcoin
- dreamstime