Kuwait: According to Pakistan’s currency, the value of one dollar is about 174 rupees or more, while the value of one Kuwaiti dinar is 579.67 rupees.
According to Kuwaiti media reports, due to strong reserves of gold, dollars and assets, the “Kuwaiti dinar” will once again remain at the top of the list of the world’s strongest currency.
Al-Nahr quotes informed sources as saying that Kuwaiti Dinar will not be affected by the rating or inflation due to the strong support offered by future generation funds and general reserves.
He noted that the Kuwaiti dinar continues to be the strongest currency in the world, with nearly ٹ 1 trillion in reserves, assets and gold reserves.
The stability and strength of the Kuwaiti Dinar against other currencies is due to the integrated precautionary policies pursued by the Central Bank which do not allow it to be downgraded or affected by such temporary factors.
Sources point out that there are a number of factors that support the dinar moving away from normal economic events and effects. He also described the Kuwaiti banking sector as having the strongest financial allocation and prudence in the Gulf region and the Middle East.
He added that monetary policy, which focuses on the stability and strength of the local currency, would not have any effect on the credit rating downgrade.
By 2021, the Kuwaiti dinar has been the strongest circulating currency in the world, with one Kuwaiti dinar equivalent to US 3. 3.32, followed by Bahraini dinar at US 2. 2.65.
The Kuwaiti dinar was introduced in 1960 to replace the Indian rupee with the Gulf rupee. This was initially equivalent to one pound sterling. As the rupee was fixed at 1 shilling 6 pence which resulted in exchange rate of 13 + 1⁄3 dinars.
When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar because currency and large quantities of banknotes were stolen. After independence, the Kuwaiti dinar was restored as the country’s currency and a new series of banknotes was introduced, which allowed the elimination of previous notes, including stolen notes.