KWD is the ISO symbol for the Kuwaiti dinar. The Kuwaiti dinar was introduced in 1961, at which time it replaced the Gulf rupee. When Iraq invaded Kuwait, it replaced the Kuwaiti dinar with the Iraqi dinar, and took large amounts of Kuwaiti dinars. However, when Kuwait regained its freedom from Iraq, the Kuwaiti dinar was re-instituted in a new form, and the old currency was made obsolete. The Kuwaiti dinar is subdivided into 1,000 fils. The Kuwaiti dina and is the highest valued currency unit in the world, at about $3.50 USD to 1 KWD as of July 2013.