BRICS: The U.S. Dollar Takes the Bottom Spot in the Top 10 Currency Ranking

BRICS, along with several developing nations, seek to remove the U.S. dollar from its position as the global reserve currency. The push to diminish the influence of the U.S. dollar gained momentum with BRICS initiating the de-dollarization effort. Leading this initiative, China and Russia from the BRICS group are actively encouraging other developing countries to move away from reliance on the U.S. dollar. Explore more to understand the potential impact on various sectors in the U.S. if BRICS decides to discontinue the use of the dollar in trade.

Additionally, read about the agreement among three countries to introduce a BRICS currency as a challenge to the dominance of the U.S. dollar.

In a recent release, Forbes unveiled the top 10 strongest currencies in the world for 2024. Notably, none of the currencies from existing BRICS nations secured a position on the list due to their lack of strength in the global currency market. Surprisingly, the U.S. dollar ranked last among the top 10 strongest global currencies according to Forbes.

The list highlights the Kuwaiti Dinar in the first position, followed by the Bahraini Dinar in second place. The Omani Rial, Jordanian Dinar, and Gibraltar Pound claim the third, fourth, and fifth positions, respectively. Furthermore, the British Pound secures the sixth spot, while the Cayman Island Dollar comes in seventh. The Swiss Franc, Euro, and the U.S. dollar occupy the eighth, ninth, and 10th positions, respectively.

Despite ranking last, the U.S. dollar remains the de facto global currency for trade and commerce. The timing of its ranking is significant as the BRICS alliance aims to challenge the supremacy of the greenback. However, it's crucial to note that, even at the 10th position, the U.S. dollar continues to hold a central role in global currency markets. Reserve Banks worldwide hold U.S. dollars in treasuries, emphasizing its indispensability for transactions and business initiation on a global scale. Therefore, the U.S. dollar remains unrivaled and maintains its status as the undisputed king in the realm of global currencies.