Top 10 Lowest Valued World Currencies in 2024 Forex Sentiment Board
Exchange rates are correct as of 18 November 2024) and are sourced from our currency converter, which is based on data from Open Exchange. Vietnam is transitioning from a centralized economy to a market-based one. Presently, the Dong ranks second on the list of the world’s weakest currencies. Last on the list but still one of the world’s lowest value currencies, we have the Malagasy ariary (MGA).
Persistent devaluation reflects ongoing economic challenges in the country. Although the Uzbekistani som has moved up in ranking on our list of lowest currencies in the world, its value has actually reduced since 2020. The som continues to struggle since the Uzbeki government devalued its official currency by almost half in 2018, in an attempt to improve the country’s positioning for investors. We’ve rounded up the top 10 weakest currencies in the world (along with their accepted currency symbol) based on the number of units you’d receive in exchange for one US dollar.
#10: Ugandan Shilling (UGX): 1 USD = 3,507.71 UGX
- Sierra Leone’s economy continues to struggle with its currency’s exchange rates – its currency is worth 16% less than it was compared to the USD in 2020.
- Unfortunately, while it remains stable, the som has yet to make any progress in returning to its former values.
- This situation worsened with the Iran-Iraq War and economic sanctions imposed due to Iran’s nuclear activities.
- The presence of foreign investors holding a significant portion of Rupiah sovereign bonds also poses a risk to capital flow.
- After the end of the Amin period in Uganda’s history, the country entered a programme of economic recovery, yet plunged back into trouble in 1984.
- Laos has so far attracted limited foreign investment, and its industrial and service sectors have been lacking growth.
Political instability in the late 80s and early 90s eroded trust in the Riel, leading to widespread use of the US dollar. By the 90s, the dollar made up 90 percent of the money in circulation. Although the National Bank of Cambodia has increased Riel circulation by 80 percent over the past two decades, the country remains heavily reliant on the US dollar. Furthermore, the decline in commodity prices has further contributed to the decrease in the currency’s value. The presence of foreign investors holding a significant portion of Rupiah sovereign bonds also poses a risk to capital flow.
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The Ugandan Shilling is in 10th place on the list, with INR 1 equal to 43 UGX. The shilling has been weak for many years, particularly because of the major issues during Idi Amin’s rule in the 1970s. As a result, the shilling remains one of the weakest currencies in the world today. The Indonesian rupiah is another weak currency, with INR 1 equal to 184 IDR. Indonesia depends a lot on selling natural resources, but falling prices have severely harmed its economy. Market hikes and not enough foreign currency have made things harder for the rupiah.
Countries With currency lower than INR for Every Budget Traveler in India
The Laotian kip is the fourth weakest currency in the world in 2024. Laos has a very small economy and depends a lot on foreign help and investment. But with projects like a new railway to China, things might improve. The Vietnamese dong has been a weak currency for a long period of time, with INR 1 equal to 296 VND. This happened particularly because Vietnam switched from a government-controlled economy to a market-based one, which took time to settle.
Guide to Uzbekistan
Let’s get into the details of the cheapest currencies compared to Indian rupees that can make you feel rich. Vietnam’s Dong suffers due to its centralised economy with 1 INR equaling 292 VND. However, improvements in the economy may boost its value in the future. Truly Financial is the small business owner’s weakest currency in the world to inr choice for everyday banking – whether it’s local or international transactions.
Top 10 weakest currencies in the world in 2024
A lower exchange rate suggests that a currency is weaker compared to the other. Paraguay’s currency guarani (PYG) has suffered from persistent issues with inflation and unemployment, making it one of the world’s weakest. The Sierra Leonean leone (SLL) is similar to the Laotian kip in that its value has been affected by a combination of different factors.
