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10 cheapest currencies in the world: While discussing global currencies, the U.S. dollar typically receives the most attention, and is acknowledged for its widespread acceptance and influence. However, it may come as a surprise that the Kuwaiti dinar (KWD) is the world’s strongest currency. We are all familiar with the major currencies, but the undervalued ones often go unnoticed. Just imagine a scenario where a few rupees or dollars could make you a local millionaire.
It’s possible as some countries allow their currency to float freely, allowing market forces to determine its value, while others prefer a fixed exchange rate to prevent sudden devaluation.
However, several factors contribute to devaluing a currency, ranging from high inflation rates to a lack of economic diversity and foreign investments, political instability, conflicts, and imposed sanctions.
Here are the top 10 least valuable currencies globally, often referred to as the weakest or cheapest currencies and the factors behind their declining value in 2024.
| Rank | Currency | Country | 1 INR Value | 1 USD Value |
| 1 | Iranian Rial (IRR) | Iran | 503.97 | 42,062.50 |
| 2 | Vietnamese Dong (VND) | Vietnam | 304.82 | 25,441.00 |
| 3 | Lao Kip (LAK) | Laos | 254.28 | 21,222.36 |
| 4 | Sierra Leonean Leone (SLL) | Sierra Leone | 272.88 | 23,056.60 |
| 5 | Indonesian Rupiah (IDR) | Indonesia | 191.03 | 15,943.25 |
| 6 | Uzbekistani Som (UZS) | Uzbekistan | 151.33 | 12,630.24 |
| 7 | Guinea-Franc (GNF) | Guinea | 102.31 | 8,539.04 |
| 8 | Paraguayan Guarani (PYG) | Paraguay | 89.35 | 7,456.60 |
| 9 | Ugandan Shilling (USH) | Uganda | 44.82 | 3,740.69 |
| 10 | Iraqi Dinar (IQD) | Iraq | 15.6 | 1,301.67 |
*Data based on the current international stock exchange as of May 16, 2024.*
Iran‘s official currency, the Iranian Rial (IRR), is currently the world’s least valuable currency, with 1 Indian Rupee (INR) equaling 503.97 IRR. This depreciation is primarily influenced by political unrest, the lasting effects of the Iran-Iraq war, and the country‘s nuclear programme.
Vietnam’s official currency, the Vietnamese Dong (VND), is the second least valued currency, with 1 INR equaling 304.82 VND. This devaluation can be attributed to Vietnam’s transition from a centralised economy to a market economy, a process that has presented challenges and uncertainties.
The official currency of Laos, the Lao Kip (LAK), is valued at 254.28 against 1 Indian Rupee. Established in 1952, the Lao currency has shown gradual appreciation over time, reflecting the country’s economic progress.
With 1 Indian rupee equivalent to 272.88 SLL, Sierra Leone’s currency, the Leone, faces significant challenges stemming from poverty, corruption, and historical conflicts. These factors have contributed to the economic struggles faced by Sierra Leone, impacting both the currency’s value and the overall economy.
The official currency of Indonesia, the Indonesian Rupiah (IDR), stands at 191.00 against 1 Indian Rupee owing to various factors such as declining reserves, heavy reliance on commodity exports, and external investments.
At a rate of 151.33 UZS to 1 Indian Rupee, Uzbekistan’s Uzbekistani Som reflects the economic challenges faced by the country. However, despite recent difficulties, there are indications of economic recovery in the country.
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With 1 Indian Rupee equaling 102.31 GNF, Guinea’s official currency, the Franc, has been adversely affected by corruption and political instability. Guinea continues to grapple with economic challenges that impact the value of the currency.
The Paraguayan Guarani (PYG) is valued at 89.35 against 1 Indian Rupee. Paraguay’s currency has been impacted by economic collapse, inflation, corruption, and poverty, leading to challenges in maintaining its value.
Uganda’s Ugandan Shilling (USH) has a value of 44.82 against 1 Indian Rupee, as the currency has a history of economic challenges, including difficulties during Idi Amin’s rule, though recent improvements have been observed in the currency’s value, reflecting the positive developments in the country’s economy.
At a rate of 15.6 IQD to 1 Indian Rupee, Iraq’s currency, the Iraqi Dinar, has faced inflation and political unrest, impacting its exchange rate.
