Top 10 weakest currencies in the world in 2024

Apart from having good knowledge of marketing and business, she firmly believes in dreaming big and making them come true. She lives with a passion to explore and learn about adventure, destinations, history and live events happening around. Including her travel writing skills, she has also written about places, arts and entertainment, personal experiences, nature and its beauty, etc.

Key Factors Affecting Currency Exchange Rates

Here are today’s 10 weakest international currencies, based on the amount of U.S. dollars that will buy one unit of each currency. We start with the currency with the lowest value relative to the dollar. The exchange rates are sourced from our currency converter, based on data from Open Exchange and are accurate as of May 26, 2023. Although Iraq is rich in oil, political instability and fluctuating global oil prices have kept the Dinar’s value low.

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Again, this is an essential factor that can affect the exchange rate. The president’s policies, including immigration policies, have negatively impacted the country’s economy, which still affects the country’s development. However, the last few years witnessed an improvement in value but not more than a 5% devaluation.

The term “weakest currency” refers to a national currency that has a very low value compared to other currencies in the global market. This weakness is often due to factors such as high inflation, economic instability, political unrest, and poor economic policies. A weak currency means that it has low purchasing power internationally, making imports expensive and reducing the currency’s attractiveness for foreign investment. A currency value is dependent upon inflationary rates, general stability of the economy, government policies, political conditions, and foreign exchange reserves.

However, not all currencies manage to hold their ground, with some struggling due to weak economies, political instability, and external pressures. Over the years, its value has dramatically declined due to ongoing political instability, especially after the 1979 Islamic Revolution. The imposition of international sanctions related to Iran’s nuclear program has further worsened the situation. Recession affects the country’s economic growth, and the foreign exchange market is no exception. During the recession, interest rates will fall, devaluing foreign capital.

John earned a bachelor’s degree in journalism from the University of Kansas and a master’s degree in communication from Southern New Hampshire University. To the extent any recommendations or statements of opinion or fact made in a story may constitute financial advice, they constitute general information and not personal financial advice in any form. As such, any recommendations or statements do not take into account the financial circumstances, investment objectives, tax implications, or any specific requirements of readers.

Laos’ currency, the kip, has historically had low value with 1 INR equaling 245 LAK, but shows promise with planned infrastructure projects. Despite being weak, improvements over the years and potential investments suggest a brighter future. Affected by poverty and conflicts, Sierra Leone’s currency faces depreciation with 1 INR equaling 270 SLL. Financial scandals, corruption, and events like the Ebola outbreak exacerbate economic woes, hindering the currency’s strength. Under normal circumstances, it’s only because of some intrinsic and extrinsic reasons that any currency happens to be weak.

What is the value of the Vietnamese Dong compared to the Indian Rupee?

It is a beautiful country in southern Africa known for its dramatic landscapes and diverse wildlife. Popular as the country of Blue Sky, Mongolia is a land of extremes – and not just geographically. Also, it is a country with the lowest currency value than India which is 1 Indian Rupee currently equal to 39.74 Mongolian Tugriks. And, as a tourist, you will find many budget-friendly hotels to stay in, discount flights from India and affordable delicious food to eat. Indonesia is a country with many beautiful tourist destinations and has rich and diverse cultures, history and traditions.

#3 – Sierra Leonean Leone (SLL)

Factors contributing to its devaluation include its decreasing foreign exchange reserves. Indonesia is heavily dependent on the export market, and with the fall in the cost of commodities, the currency value has further devalued. The nation suffers from widespread corruption and political unrest,which has made its currency weak. A single dam produces an overwhelming majority of the electricity used by Paraguay, but the country’s leadership in hydroelectric power hasn’t led to economic power. High inflation—approaching 10% in 2022—as well as drug smuggling and money laundering have diluted the currency and broader economy of Paraguay, a landlocked country in South America.

• Carry both original and photocopies of the documents to expedite the process.
• Iran’s currency has been squeezed by economic sanctions, including those the U.S. reimposed in 2018 and others the European Union has repeatedly imposed.
• The president implemented measures, such as immigration laws, that harmed the nation’s economy.
• Here are today’s 10 weakest international currencies, based on the amount of U.S. dollars that will buy one unit of each currency.
• Despite having valuable natural resources, Guinea has struggled to develop other industries, keeping its currency low.

Some are facing significant weaknesses such as weak economies, political issues, and global pressures.Recently, Forbes revealed a list of the world’s weakest currencies in 2024. Delve in and find out which countries made it to the list and the major reasons behind it. Here are today’s 10 weakest international currencies, based on the amount of US dollars that will buy one unit of each currency.

• Indonesia depends a lot on selling natural resources, but falling prices have severely harmed its economy.
• Known as the land of millions of elephants, it has magnificent waterfalls, amazing French colonial architecture and Buddhist monasteries.
• Apart from having good knowledge of marketing and business, she firmly believes in dreaming big and making them come true.
• However, despite all that, it is placed on an equal footing with the Indian Rupee.
• Financial scandals, corruption, and events like the Ebola outbreak exacerbate economic woes, hindering the currency’s strength.
• Let us look at the table below to understand the currency values in Indian rupees as of Dec. 04, 2024.

I would recommend Bookmyforex to every student, professional, and tourist who want a stress-free service in this competitive world. Uzbekistan is gradually moving from a government-controlled type of economy to a more market-driven one, creating economic and political inefficiencies. These issues, coupled with the country’s continued reliance on core industries like cotton and gold, are limiting further growth.

There has been no improvement in the Indonesian Rupiah in the last 7 years. Its depreciation is linked to several issues, including declining foreign exchange reserves due to the central bank’s failure to safeguard the currency. Additionally, the currency’s value has decreased further due to the decline in commodity prices. Foreign investors hold 35 to 40 percent of the Rupiah sovereign bonds, which risks the capital flow. While strong currencies are usually well-known, the lowest-valued ones often go unnoticed.

Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Cambodia is around ₹ 35,000 to ₹ 50,000. The average daily expense for a budget traveler in Cambodia is around ₹ 4,500 to ₹ 7,500, which includes accommodation, food, transportation, and sightseeing. Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Sri Lanka is around ₹ 10,000 to ₹ 20,000. The average daily expense for a budget traveler in Sri Lanka is around ₹ 8,400 to ₹ 23,400, which includes accommodation, food, transportation, and sightseeing.

What is the Interbank Rate? A Guide to Foreign Exchange Pricing

The most recent one is the reformatory measure, so the changes these measures will bring regarding currency value have yet to be explored. In 1966, the East African Shilling was replaced by the Uganda Shilling. Uganda, a nation in East Africa, suffered a serious setback under Idi Amin’s rule. The president implemented measures, such as immigration laws, that harmed the nation’s economy. The country’s progress is still being hampered by the effects of the president’s economic deterioration. However, the currency’s value has increased in recent years, with devaluations of at most 5%.

Sri Lanka is a jungle safari destination and the twenty-fifth largest island in the world. With blissful beaches, craggy mountains, lush forests and wildlife-rich savannas, there are endless beautiful places to visit in Sri Lanka. If you are planning to go on a vacation with your loved ones and want to explore the tropical beauty, then Costa Rica is one of the best places you can visit.

It has beautiful natural scenery, from the beaches of Java to the volcanoes of Sumatra, to the tropical jungles of Borneo. Indonesia is an archipelago that consists of a number of multicultural islands and it’s located in Southeast Asia. Myanmar is an affordable country to explore and every year it attracts the largest number of tourists because of its natural beauty.

Vietnam’s currency has been undermined by a bad real estate market, restrictions on foreign investment and a recent slowdown in export weakest currency in the world to inr activity. Exchange rates affect the cost of goods and services from one country to another. In cities and for tourists, people mostly use US dollars instead of the riel. Even though the government wants people to use the riel more, its value is still low. Cambodia’s economy depends on farming and tourism, which can be affected by outside factors.