Forget US dollar, these are best currencies to invest in 2024 (2024)

FAQs

Forget US dollar, these are best currencies to invest in 2024? ›

The US Dollar and Gold Should Hold Their Value in 2024

The dollar's best days are likely already behind it for this currency cycle, following the run-up that climaxed in September 2022.

The US Dollar and Gold Should Hold Their Value in 2024

The dollar's best days are likely already behind it for this currency cycle, following the run-up that climaxed in September 2022.

In 2024, the Kuwaiti Dinar surpasses them in terms of exchange rate, making it the most expensive currency. Banknotes and coins denominated in Kuwaiti dinars are utilized in everyday transactions within Kuwait, emphasizing their significant value in the global currency landscape.

Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's Special Drawing Right or SDR, a reserve asset.

The highest-valued currency in the world is the Kuwaiti Dinar (KWD). Since it was first introduced in 1960, the Kuwaiti dinar has consistently ranked as the world's most valuable currency.

We expect the rupee to be the best-performing Asian currency in 2024, as it has already been so far this year. We expect it to appreciate to USD/INR 83.0 by end-Q4. This may sound small, but it is remarkable given the strong US dollar and the continued weakness we expect in other Asian currencies.

Japan continues to be a popular choice, but Vietnam and South Korea stand as solid alternatives among numerous countries in Asia with favourable exchange rates for the US dollar. Closely following in value are South American countries: Argentina and Chile are among those offering the biggest luxury bang.

One of the safest currencies to invest in, besides the US Dollar and Euro, is the Swiss Franc. Stable market economy, high GDP, low unemployment rate, country's focus on supporting its national currency, an extremely advanced banking system – all these factors make the Swiss franc an attractive investment opportunity.

Will the dollar collapse in 2024? ›

We expect 2024 to be a year of diverging trends for the dollar. It will likely move lower on a broad trade-weighted basis early in the year but stabilize as the year progresses. Although we expect a general downward drift for the dollar, performance of individual currencies will likely vary widely.

Countries like India, China, Brazil, Malaysia and Bolivia, among others, are seeking to set up trade channels using currencies other than the almighty dollar. With so much of the world economy reshaping itself in the post-pandemic landscape, is the reserve status of the U.S. dollar going to be the next domino to fall?

De-dollarization has begun as recent trade deals elevate other currencies, Peter Earle wrote. But the dollar is likely to remain a top global currency, according to the economist. And the odds that China's yuan will replace the dollar are "essentially impossible," he added.

The highest currency in the world is none other than Kuwaiti Dinar or KWD. Initially, one Kuwaiti dinar was worth one pound sterling when the Kuwaiti dinar was introduced in 1960. The currency code for Kuwaiti Dinar is KWD. The most popular Kuwait Dinar exchange rate is the INR to KWD rate.

What is the safest currency in the world? The Swiss franc (CHF) is generally considered to be the safest currency in the world and many investors consider it to be a safe-haven asset. This is due to the neutrality of the Swiss nation, along with its strong monetary policies and low debt levels.

Cryptocurrencies, like Bitcoin and Ethereum, are expected to become more mainstream as they offer advantages such as decentralization, no single point of failure, and cheaper and faster cross-border transfers. Despite challenges like price volatility and regulatory issues, their use is increasing globally.