August 23, 2024
10 weakest currencies in the world
When it comes to currency exchange rates, some currencies are worth more than others. Here are the top 10 weakest currencies in the world as of August 23, 2024.
Iranian Rial
IRR is the least valuable currency globally, with an exchange rate of 1 USD = 42,105 IRR. Several factors contribute to its low value, including heavy economic sanctions and political instability.
Vietnamese Dong
VND holds the position as the second-weakest currency. Vietnam’s centrally planned economy has severely impacted its currency value, with 1 USD = 24,960 VND.
Laotian Kip
Valued at 1 USD = 22,127 LAK, Lao’s currency is the third-weakest in the world. The country’s landlocked location and dependence on tourism have influenced the Kip’s value.
Sierra Leonean Leone
At 1 USD = 20,969 SLL, the Leone is the fourth-weakest currency. Severe poverty, political instability and economic mismanagement have contributed to the currency’s depreciation.
Indonesian Rupiah
The IDR comes in at number five, with 1 USD = 15,502 IDR. Indonesia’s susceptibility to natural disasters and declining foreign exchange reserves have contributed to this low value.
Uzbekistani Som
Valued at 1 USD = 12,674 UZS, the Som is the sixth least-valuable currency. Uzbekistan’s transition from a centrally planned economy and decline in industrial output have influenced the Som’s value.
Guinean Franc
The GNF is the seventh-weakest currency, with 1 USD = 8,639 GNF. Guinea’s political instability and high poverty rates have majorly contributed to the Franc’s depreciation.
Paraguayan Guarani
With 1 USD = 7,602 PYG, it is the eighth-weakest currency in the world. Paraguay’s landlocked location and high unemployment rates have influenced the Guarani’s value.
Cambodian Riel
The KHR is the ninth least-valuable currency, with 1 USD = 4,094 KHR. The country’s heavy reliance on the US dollar for most transactions and limited industrial base has impacted its value.
Ugandan Shilling
The tenth cheapest currency is valued at 1 USD = 3,724 UGX. Uganda’s low rates of economic growth and civil disorder have majorly influenced the Shilling’s value.
From IIT to Myntra: Nandita Sinha’s journey to the top
Thanks for reading!
See next