The Kuwaiti dinar (KWD) is that the currency of the State of Kuwait, and as of 2019 is that the most precious currency on Earth.
The Kuwaiti dinar (KWD) is that the national currency of the State of Kuwait.
The dinar name derives from the Roman denarius
The KWD subdivides into 1000 fils which may be a coin utilized in many Arab countries.
Kuwait may be a small nation located between Iraq and Saudi Arabia on the Persian Gulf .
Kuwaiti Dinar to Rupee Exchange Rate Today, Live 1 KWD to INR = 245.1301 (Convert Kuwaiti Dinar to Rupees)
The currency fluctuates during a relatively small range and is pegged to an undisclosed basket of currencies.
The British introduced the Indian rupee before it had been replaced by the Gulf rupee in 1959.
Introduction of the Kuwaiti dinar (KWD) in 1961 was as a replacement for the Gulf rupee. The Gulf rupee was a currency pegged at parity to the Indian rupee .
Issued in 1959 by the Indian government, the Gulf rupee was to be used outside of India, particularly within the Persian Gulf region.
Like the Indian rupee , the Gulf rupee was pegged to British British pound (GBP).
Kuwaiti Dinar Exchange Rate Today
In 1961, Kuwait gained independence from the uk with the top of treaties put in situ after the defeat of the Ottoman Empire .
Kuwaiti Currency Law created the Kuwaiti Currency Board with the aim of building a Kuwaiti currency.
The Kuwaiti Currency Board introduced the Kuwaiti dinar as a replacement for the Gulf rupee.
Until 1966, both currencies circulated, but the utilization of the rupee ended after its devaluation.
Between 1975 and 2003, the Kuwaiti dinar was pegged to a weighted currency basket.
The content of the currency basket was mandated by the Kuwaiti Currency Board.
In 2003, the KWD was pegged to the US dollar (USD) at 0.29963 dinars to the dollar.
This valuation continued until 2007 when it had been formally re-pegged to an undisclosed basket of currencies.
As of May 2019, the Kuwaiti dinar was worth about USD 3.29, making it the foremost valuable money on Earth.
Between 2016 and 2019 the currency was relatively stable, fluctuating between 3.27 and 3.36 USD.
The State of Kuwait features a petroleum product-based economy with quite 80% of state revenues coming from the refining industry .
The State of Kuwait may be a tax-free country, with one among rock bottom unemployment rates within the world.
The Kuwait Investment Authority (KIA) is that the oldest sovereign wealth fund within the world, and therefore the investment industry of the country manages more assets than the other member of the Gulf Cooperative Council (GCC), a regional economic and political union.
Example of a Kuwaiti dinar rate of exchange
Between 2016 and 2019 the Kuwaiti dinar fluctuated between $3.27 and $3.36. meaning that it cost between $3.27 and $3.36, US dollars, to shop for one Kuwaiti dinar .
The higher rate, 3.36, means the Kuwaiti dinar appreciated in value, or the US dollar had fallen in value relative to the dinar.
If the speed falls, meaning that the Kuwaiti dinar is losing value, or that the US dollar is gaining value relative thereto .
Due to its relatively low volatility, and limited global trade, the Kuwaiti dinar isn't typically used as a speculative trading instrument.
If it were, a trader would plan to buy near the lower end of its historical range, and check out to sell near the highest of it.
Buying at $3.27 and selling at $3.36—the price range over three years— represents only a 2.75% profit, less fees and commissions.
This is why most traders and investors stand back from trading this currency unless they feel a serious fundamental shift could also be forthcoming which could cause a serious shift within the value of the currency.