Cheapest Currencies In The World: While we know the world’s strongest and most influential currencies, the least valuable or cheapest currency often remains obscure. Identifying these coins and their issuers can be a challenge for most of us.
National currencies such as the British pound, Swiss franc and US dollar are known for their stability and strong support. But when it comes to the list of the most valuable currencies in the world, the rapidly changing economic situation of these countries makes it difficult. However, we can still identify some national currencies that have significantly depreciated recently. In this article, we will focus on the ten cheapest currencies in the world against the US dollar and the Indian rupee.
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The lowest/cheapest currency in the world
1. The Iranian rial
The Iranian rial is the cheapest currency in the world. Its devaluation began in 1979 due to the Islamic Revolution, followed by the Iran-Iraq War and economic sanctions due to the country’s nuclear program. The availability of foreign currency was limited, leading to a significant black market. In 2015, the nuclear agreement helped to stabilize the currency, but in 2018, further sanctions were imposed, leading to an appreciation of 600 euros by May 2020. To solve the crisis, the government converted the currency to the toman, making 10,000 old rials equal to one toman.
2. Vietnamese dong
With an exchange rate of 1 Indian Rupee to 288.11 Vietnamese Dong (VND), Vietnam operated on the basis of a centralized economy. Although efforts have been made to create a market economy, progress is still gradual. Currently, there is a noticeable devaluation in the Vietnamese dong.
3. Lao Kip
At the current exchange rate of 1 Indian Rupee to 233.21 Lao Kip (LAK), the currency of Laos has been relatively low since its inception in 1952. Despite this, the currency is positive because the currency has shown gradual growth. value in time.
4. Indonesian rupiah
Currently, 1 Indian rupee (INR) is equal to 182.94 Indonesian rupiah (IDR). Over the past seven years, the Indonesian rupiah has not improved in value and has depreciated. This decline is due to a number of factors, including a decline in foreign exchange reserves, the central bank’s inability to secure the currency, and the country’s heavy reliance on commodity exports. In addition, the drop in commodity prices further contributed to the weakening of the currency. Another concern is the significant presence of foreign investors holding government rupee bonds, which threatens capital flows. These factors combined to create challenges for the Indonesian rupiah.
5. Guinea Franc
Currently, 1 Indian Rupee (INR) can be exchanged for 104.74 Guinean Franc (GNF). Guinea uses the Guinean franc as its official currency. Unfortunately, the country faces major challenges such as rampant corruption and political instability, which have greatly affected the strength of its currency. As a result, the value of the Guinean currency has steadily declined over time.
6. Iraqi Dinar
At the current exchange rate, 1 Indian Rupee (INR) is equal to 15.96 Iraqi Dinar (IQD). The official currency of Iraq is the dinar, and its issuance and regulation is managed by the Central Bank of Iraq. However, the country has faced major obstacles over the past decade, characterized by increased inflation and significant political turmoil. As a result, the exchange rate of the Iraqi dinar remained at a relatively low level.
