Financial institutions and dealers buy and sell huge amounts of currency each day. Commodities in the global market are traded in different currencies, with the United States Dollar taking a large share. The USD remains the dominant reserve currency for central banks and many institutional funds worldwide, as most international transactions between countries and companies are conducted in dollars.
Here are the top 20 most traded currencies in the world.
|Rank||Currency||Share of turnover (daily trades)|
|1.||US Dollar (USD)||87.62%|
|2.||European Euro (EUR)||31.27%|
|3.||Japanese Yen (JPY)||21.56%|
|4.||Pound Sterling (GBP)||12.78%|
|5.||Australian Dollar (AUD)||6.94%|
|6.||Canadian Dollar (CAD)||5.13%|
|7.||Swiss Franc (CHF)||4.78%|
|8.||Chinese Yuan Renminbi (CNY)||3.97%|
|9.||Swedish Krona (SEK)||2.22%|
|10.||Mexican Peso (MXN)||2.20%|
|11.||New Zealand Dollar (NZD)||2.06%|
|12.||Singapore Dollar (SGD)||1.79%|
|13.||Hong Kong Dollar (HKD)||1.73%|
|14.||Norwegian Krone (NOK)||1.67%|
|15.||South Korean Won (KRW)||1.65%|
|16.||Turkish Lira (TRY)||1.40%|
|17.||Indian Rupee (INR)||1.14%|
|18.||Russian Ruble (RUB)||1.14%|
|19.||Brazilian Real (BRL)||1.00%|
|20.||South African Rand (ZAR)||1.00%|
Victor Nyagaka is a blogger, social media influencer, and netpreneur creating and marketing digital content.