The Top 10 cheapest currencies in the world in 2023

We may know a lot about the most valued currencies globally, but what about the cheapest ones? Let's check out the top 10 cheapest currencies

Published: Aug 21, 2023 11:00:50 AM IST
Updated: Aug 21, 2023 04:42:34 PM IST

The Top 10 cheapest currencies in the world in 2023

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:

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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.

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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.

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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.

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.

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.

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