While many are familiar with the strongest and most influential world currencies, the least-valued or cheapest ones often remain obscure. The names and issuing countries of these currencies can be elusive knowledge for most of us.Consider renowned national currencies like the British Pound Sterling, the Swiss Franc, and the US Dollar—these hold a reputation for stability alongside the countries that back them. Yet, when attempting to compile a list of the least valuable currencies in the world, we run into trouble. The rapidly changing economic situations in these countries present a challenge.Nevertheless, it is possible to identify specific national currencies that have recently experienced significant devaluation. This article will explore the ten cheapest coins in the world at the moment, relative to the US Dollar and the Indian Rupee. Also Read: Top 10 highest-valued currencies in the world in 2023
Disclaimer: Currency values mentioned in this blog are accurate as of 21.08.23 and are subject to fluctuation.
Top 10 cheapest currencies in the world
| Currency | 1 INR Value | 1 USD Value |
|---|---|---|
| Iranian Rial | 508.53 IRR | 42,275.00 IRR |
| Vietnamese Dong | 286.53 VND | 23,820.00 VND |
| Sierra Leonean Leone | 237.59 SLL | 19,750.00 SLL |
| Lao/Laotian Kip | 232.94 LAK | 19,476.31 LAK |
| Indonesian Rupiah | 184.40 IDR | 15,328.80 IDR |
| Uzbekistani Som | 145.06 UZS | 12,058.49 UZS |
| Guinean Franc | 103.20 GNF | 8,578.69 GNF |
| Paraguayan Guarani | 87.21 PYG | 7,249.73 PYG |
| Ugandan Shilling | 44.86 USH | 3,728.76 USH |
| Iraqi Dinar | 15.73 IQD | 1,307.68 IQD |
Further elaborating, the top ten cheapest currencies would be ranked this way in descending order:Also Read: The top 10 richest people in India in 2023
Iranian Rial (IRR)
Presently, 1 Indian Rupee equals 508.53 IRR, making the Iranian Rial the world's least valuable currency. This depreciation can be attributed to factors such as political unrest in the country, the Iran-Iraq war, and the nuclear programme.
Vietnamese Dong (VND)
1 Indian Rupee is equal to 286.53 VND. Vietnam has historically operated under a centralised economy, and while efforts have been made to establish a market economy, there is still a long way to go. Currently, the Vietnamese Dong is experiencing a considerable devaluation.Also Read: Top 10 poorest countries in the world by GDP per capita [2023]
Sierra Leonean Leone (SLL)
1 Indian Rupee is equivalent to 237.59 SLL. Sierra Leone, an African nation, faces severe poverty. The country has a history of scandals, corruption, and wars in Western Africa, including a devastating civil war. As a result, both the currency's value and the country's economy have declined.
Lao/Laotian Kip (LAK)
1 Indian Rupee is equal to 232.94 LAK. Since its establishment in 1952, the value of the Lao currency has remained relatively low. On the positive side, the currency has gradually increased in value over time.Also Read: World's most powerful passport rankings 2023
Indonesian Rupiah (IDR)
1 INR is equivalent to 184.40 IDR. The Indonesian Rupiah has not shown any improvement over the past seven years. Its depreciation can be attributed to various factors, including declining foreign exchange reserves, the central bank's failure to safeguard the currency, and the country's heavy reliance on commodity exports. 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.Also Read: The top 10 richest people in the world in 2023
Uzbekistani Som (UZS)
1 Indian Rupee is equal to 145.06 UZS. Uzbekistan's economy is among the weakest, resulting in a weak currency. While the epidemic has impacted the nation's economy, indications suggest that internal operations will resume in the third quarter of 2022. However, the decline in industrial output has created uncertainty regarding the future of the currency.
Guinean Franc (GNF)
1 Indian Rupee is equivalent to 103.20 GNF. The Guinean Franc serves as the official currency of Guinea. The nation suffers from widespread corruption and political unrest, which have weakened its currency. Year after year, the value of the nation's currency continues to decrease.
Paraguayan Guarani (PYG)
1 Indian Rupee is equal to 87.21 PYG. The country experienced a devastating economic collapse resulting in high inflation, corruption, high unemployment, and increased poverty. Each of these factors has had a detrimental effect on the currency.Also Read: The 10 most followed Instagram accounts in the world
Ugandan Shilling (USH)
1 Indian Rupee is equivalent to 44.86 USH. In 1966, the Ugandan Shilling replaced the East African Shilling. Presently, the Ugandan Shilling is one of the least valuable currencies. Under Idi Amin's rule, Uganda suffered a significant setback due to measures such as immigration laws that negatively impacted the nation's economy. The effects of the president's economic deterioration continue to hinder the country's progress. However, the currency's value has increased in recent years, with devaluations at most 5 percent.
Iraqi Dinar (IQD)
1 Indian Rupee is equal to 15.73 IQD. Iraq's currency is the dinar, printed by the Iraqi Central Bank. On top of increased inflation, the country has experienced significant political unrest over the past decade, resulting in a low exchange rate for the currency.Also Read: 1 USD to INR: From 1947 to 2023
Wrapping up
In conclusion, this list of the top 10 weakest currencies in the world reveals the many challenges these economies face. Factors such as political instability, transition to a market economy, inflation, and external shocks like the Covid-19 pandemic have contributed to the depreciation of these currencies. While some national currencies have shown marginal improvements, others have struggled to recover their former value. But there is hope for positive change, as countries with rich natural resources and efforts toward political stability have the potential to make progress and improve the value of their currencies in the future.Also Read: Countries that give visa-free access to Indians
Frequently Asked Questions
1. Why is the Iranian Rial considered the world's cheapest currency? The Iranian Rial is considered the world's lowest currency due to factors such as economic sanctions limiting Iran's petroleum exports, which has resulted in political instability and depreciation of the currency.2. Which currency holds the title of the highest valuation globally? The Kuwaiti Dinar is the currency with the highest valuation in the world.3. What factors contribute to the low value of the Vietnamese Dong? The Vietnamese Dong struggles with the transition from a centralised to a market economy, and investor caution regarding capital investment in the country keeps the value of the dong low.
Subscribe Now
Post Your Comment
As an enthusiast well-versed in the intricacies of global currencies and economic trends, I bring to the table a wealth of knowledge and a deep understanding of the factors influencing currency valuations. My expertise extends beyond a mere surface-level awareness, evident in my ability to analyze and interpret the complexities of the economic landscapes that shape currency values.
Now, let's delve into the information presented in the article about the top 10 cheapest currencies in the world:
1. Iranian Rial (IRR)
The Iranian Rial is currently the world's least valuable currency, with 1 Indian Rupee equaling 508.53 IRR. This depreciation is attributed to a combination of factors, including economic sanctions limiting Iran's petroleum exports, political unrest, the Iran-Iraq war, and the nuclear program.
2. Vietnamese Dong (VND)
With 1 Indian Rupee equivalent to 286.53 VND, the Vietnamese Dong faces challenges in transitioning from a centralized to a market economy. Investor caution regarding capital investment in Vietnam has contributed to the considerable devaluation of the Dong.
3. Sierra Leonean Leone (SLL)
1 Indian Rupee is equal to 237.59 SLL. Sierra Leone's severe poverty, coupled with a history of scandals, corruption, and wars in Western Africa, including a devastating civil war, has led to a decline in both the currency's value and the country's economy.
4. Lao/Laotian Kip (LAK)
At a rate of 1 Indian Rupee to 232.94 LAK, the Lao currency has maintained a relatively low value since its establishment in 1952. Despite this, there has been a gradual increase in its value over time.
5. Indonesian Rupiah (IDR)
1 Indian Rupee is equivalent to 184.40 IDR. The Indonesian Rupiah has faced challenges such as declining foreign exchange reserves, the central bank's failure to safeguard the currency, and heavy reliance on commodity exports, leading to its depreciation.
6. Uzbekistani Som (UZS)
With 1 Indian Rupee equal to 145.06 UZS, Uzbekistan's weak economy has resulted in a correspondingly weak currency. The epidemic has impacted the nation's economy, creating uncertainty about the future of the currency.
7. Guinean Franc (GNF)
1 Indian Rupee is equivalent to 103.20 GNF. Guinea suffers from widespread corruption and political unrest, contributing to the weakening of its currency year after year.
8. Paraguayan Guarani (PYG)
At a rate of 1 Indian Rupee to 87.21 PYG, Paraguay has experienced a devastating economic collapse, marked by high inflation, corruption, high unemployment, and increased poverty, all of which have negatively affected its currency.
9. Ugandan Shilling (USH)
1 Indian Rupee is equivalent to 44.86 USH. The Ugandan Shilling, introduced in 1966, replaced the East African Shilling. Political and economic setbacks under Idi Amin's rule have hindered the country's progress, but recent years have seen a slight increase in the currency's value.
10. Iraqi Dinar (IQD)
With 1 Indian Rupee equal to 15.73 IQD, Iraq's currency, the dinar, has faced increased inflation and significant political unrest over the past decade, resulting in a low exchange rate.
In conclusion, this list reflects the myriad challenges these economies face, from political instability to economic transitions and external shocks like the Covid-19 pandemic. While some currencies show marginal improvements, others struggle to recover their former value, emphasizing the dynamic nature of global economic landscapes. Positive change is possible for countries with rich natural resources and efforts toward political stability, offering hope for improved currency values in the future.
