Some More Strong Currencies

ByElsa Sc S

Doing her graduation from LUMS & a keen researcher


June 16, 2023

Some More Strong Currencies

Elsa Sc S describes some
currencies that have plenty of ability to buy

Some More Strong Currencies – Pakistani rupee has been under pressure since some time seriously losing its ability to pay and has pushed the country towards a profound economic crisis. Though currencies have an acknowledged tendency to fluctuate and remain volatile in their very nature but they also stage recovery either early or after some time. The vital difference in such currencies and Pakistani rupee is that the chances of the later making a comeback are rather scarce and it may not be able to gain the value it held just a few months before. Moreover, the current economic situation is such that the rupee will remain under pressure further losing its value.

In the backdrop of the current position of Pakistani currency it is imperative to look at some currencies that are considered stronger and more valuable than others making them particularly attractive to investors and traders. Foreign currency is priced based on its exchange rate which represents the value of one currency in terms of another currency. Exchange rates are determined by the supply and demand of each currency in the foreign exchange market. The value of a currency can fluctuate based on a variety of factors, including economic conditions, political events and changes in interest rates.

Exchange rates can be quoted in two different ways: as a direct or an indirect quote. In a direct quotation, the foreign currency is the base currency; while in an indirect quote, the domestic currency is the base currency. Foreign currency can be purchased and sold in the foreign exchange market through banks, brokers or online platforms. The exchange rate at the time of the transaction will determine the cost or value of the currency being exchanged. The global economy is influenced by a multitude of factors, ranging from political events to local economic conditions. Currencies play a vital role in this complex system, and the strength of a currency can be a significant indicator of the economic health of a nation.

Cayman Islands Dollar
The Cayman Islands dollar (KYD) is ranked 6th among the world’s strongest currencies, with 1 KYD being equivalent to 1.20 USD and 127.84 BDT. However, maintaining this currency peg can be difficult during unfavourable economic conditions and when the US raises interest rates. The value of the Cayman Islands dollar is also bolstered by the country’s status as a tax haven.

The Euro (EUR) is the second most traded currency globally and is considered to be among the most stable currencies. The European Central Bank (ECB) responsible for the entire continent’s monetary policy has more independence from national governments, making the Euro stronger. However, this independence also led to issues during the European sovereign debt crisis, prohibiting some countries from taking specific actions to stimulate their economies. The value of the Euro is determined by the economic, social, and political status of all nineteen countries that use it. 1 EUR equals 1.12 USD and 119.38 BDT.

Swiss Franc
The Swiss Franc (CHF) is Switzerland’s official currency and is ranked 8th among the world’s strongest currencies. It rose in value due to the European debt crisis and US monetary policy, and its peg to the Euro was lifted in 2015. The Swiss Franc is widely considered the most secure source of the foreign exchange market and is a safe bet for currency pairs. 1 CHF equals 1.11 USD and 118.66 BDT.

US Dollar
The US Dollar (USD) is the world’s most traded currency and the largest reserve currency. It is the benchmark in the international market when it comes to currency exchange rate and conversion rate. The USD is a cornerstone of the global economy and a world reserve currency for international trade and finance. Its value is influenced by market psychology, geopolitical risk, fundamentals, and technical variables. 1 USD equals 106.49 BDT.

Canadian Dollar
The Canadian Dollar (CAD) is the world’s sixth most traded currency and is vulnerable to fluctuations in the value of the US dollar. Canada’s massive global oil reserves and second-largest uranium supply contribute to its natural resources ranking third in the world. 1 CAD equals 0.74 USD and 79.01 BDT. The Weekender


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