5 Best Performing Currencies Against the US Dollar

3. Omani Rial

1 USD = 0.38 OMR 

The Omani rial (OMR) is recognized as the third-strongest currency globally, boasting a formidable exchange rate of 1 Omani rial buying 2.60 US dollars (or US$1 equals 0.38 Omani rial). Nestled between the United Arab Emirates and Yemen on the Arabian Peninsula, Oman distinguishes itself as a major exporter of oil and gas, aligning with the economic patterns of its prosperous neighbours.

Introduced in the 1970s, the Omani rial is pegged to the US dollar, a strategic move that has contributed to its swift appreciation. This increase in value was particularly fuelled by the success of Oman’s oil exports. The currency’s unique feature lies in its division into 1000 smaller units known as baisa, deviating from the conventional currency structure.

Oman’s economic strength, driven by its robust oil industry, has played a pivotal role in shaping the value of the Omani rial. With an exchange rate of approximately 0.38 Omani rial to 1 US dollar, the OMR emerges as a potent currency, showcasing a strength nearly double that of the Pound sterling. This underscores not only the economic resilience of Oman but also the significant impact of its oil-dependent economy on its currency’s standing in the global financial landscape.