Weakest Currencies In The World In 2023
Iranian Rial (IRR) 1 INR = 516 IRR The Iranian rial tops the list of the cheapest currencies in the world. The fall in the value of the currency can be explained by various factors. To begin with, the termination of the Islamic Revolution in 1979 was followed by foreign investors’ withdrawal from the country. The nuclear program and the Iran-Iraq war also played a huge part in causing financial distress along with other political unrest in Iran.
Vietnamese Dong (VND) 1 INR = 284 VND The country has long followed a centralized economy. Although the country embarked on a path of forming a market economy, it still has a long road to walk. The currency is highly devalued currently but the chances are high of the currency improving considering the improvement in the economy.
Sierra Leonean Leone (SLL) 1 INR = 278 SLL Sierra Leonean Leone is an African currency that is highly affected by poverty. Africa has had a history of financial scandals, corruption and conflicts including a heinous civil war in the western African region. All these led to a downfall of the country’s economy and the value of its currency. The Ebola infection added to Sierra Leonean’s woes, and is a constant factor that affects the country’s population that further consumes financial aid.
Lao or Laotian Kip (LAK) 1 INR = 212 LAK The Lao or Laotian Kip is not a devalued currency but a currency that has had a low rate since the time of its introduction in 1952. Over the years the value of the currency has improved. Also, a railway is planned that will connect Beijing to Laos, which might draw investors to this small country. Although it is the cheapest currency, it is a promising one towards improving its value.
Indonesian Rupiah (IDR) 1 INR = 179 IDR In the last seven years, the currency has not improved even the slightest. The factors that have brought devaluation of the currency include its decreasing foreign exchange reserves. Given Indonesia is heavily dependent on the export market, the fall of the cost of the commodities has further devalued its currency value.
Uzbekistani Som (UZS) 1 INR = 139 UZS The government of Uzbekistan has employed many means to improve the economy of the country. But none of them have proved to be successful. The most recent one is the reformatory measure, so the changes that these measures will bring are yet to be explored in terms of currency value.
Guinean Franc (GNF) 1 INR = 105 GNF Guinea as a country faces corruption and political instability that leads to a weakened currency. The country’s currency value is getting devalued by the passing years.
Rat A symbol of leadership, this Feng Shui animal can be placed in the southwest corner of the house to improve your love life and attract romantic fulfilment. This animal is used in the Chinese Peach Blossom Theory, which teaches people to attract and keep love in your life alongside other Feng Shui animals.
Paraguayan Guarani (PYG) 1 INR = 87 PYG Paraguay is undergoing a terrible economic downturn as a result of high inflation, a high unemployment rate, increase in poverty and corruption. These factors have left a negative impact on the value of the currency.
Ugandan Shilling (USH) 1 INR = 45 UGX Uganda faced several setbacks under Idi Amin’s governance. The country’s policies including immigration policies have impacted the country’s economy negatively. The impacts still affect the development of the country. However, the last few years witnessed improvement in its value but not more than 5% of the total devaluation.
Iraqi Dinar (IQD) 1 INR = 17 IQD Iraq’s currency, the Iraqi dinar, is issued by the country’s central bank and is subdivided into 1,000 fils. Since the year 1990, inflation made the fils devoid of much value. In the past decade, the country also faced political instability.