BRICS Report: US Dollar Falls to Last Position in Top 10 Global Currencies

• De-dollarization Efforts of BRICS Bloc Reportedly Impacting US Dollar
• World's Strongest Currency
• Global Currencies Surpassing the US Dollar
• The US Dollar: Still A Global Currency
• The BRICS Currency: A Potential Threat?

De-dollarization Efforts of BRICS Bloc Reportedly Impacting US Dollar

The ongoing endeavors of the BRICS bloc aimed at de-dollarization appear to be yielding results, as recent developments suggest a weakening position of the US Dollar. Forbes reports that the US Dollar now sits at the bottom rung of the top 10 strongest currencies worldwide.

World's Strongest Currency

Presently, the currency leading the list of the world's strongest currencies is the Kuwaiti Dinar. It's worth noting that a single Kuwaiti Dinar can purchase 3.25 US dollars. The superior strength of this currency is largely credited to the nation's significant oil reserves and well-orchestrated fiscal policies.

Global Currencies Surpassing the US Dollar

The Forbes ranking identifies other global currencies that outperform the US Dollar, including the Omani Rial, Jordanian Dinar, Euro, and British Pound. Interestingly, no currency from the BRICS nations features in the top ten, but the declining strength of the US Dollar somewhat compensates for this.

The US Dollar: Still A Global Currency

Ranked 10th, the US dollar remains the predominant global currency for trade and commerce. The currency is in use by multiple nations across the globe, with many Reserve Banks holding the US Dollar in their treasuries. This implies that they cannot initiate or transact business without the greenback. This makes the US Dollar the leading global currency, despite its ranking. But, growing discontent for the US Dollar can be gleaned from the Forbes list.

The BRICS Currency: A Potential Threat?

The development of the BRICS Currency is still underway. Observers are keen to see how this new currency will perform in comparison to others, such as in a Forbes-like list. While it wouldn't likely overtake the US Dollar immediately, there is an expectation that the upcoming BRICS Currency could pose a significant challenge to the US Dollar.

Edited by Jonathan Stoker