Throughout its history, the Indian currency has witnessed numerous changes. It has slowly and gradually strengthened its position in the world economy and has become one of the strongest currencies globally, actively competing with powerful currencies like the US dollar and the Pound. While these influential currencies of the world are often in discussion, there is a list of the cheapest currencies in the world that often go unnoticed.
In the dynamic landscape of global economic fluctuations, staying abreast of the ever-shifting currencies proves challenging. However, Forbes has compiled a list highlighting the top 10 world currencies that experienced significant devaluation in 2024. Please note that currency values are subject to fluctuation. Check out the list below.
A comprehensive list of the top 10 cheapest currencies in the world in 2024
Currency values fluctuate rapidly based on various factors such as economic conditions, government policies, and global events. Currencies of some countries with weaker economies or lower purchasing power have been considered among the cheapest in the world. These can include currencies from countries experiencing high inflation rates or economic instability. Here is a list of the top 10 cheapest currencies in the world currently.
Iranian Rial (IRR)
The Iranian Rial is the currency of Iran. In the past, the Iranian currency has faced substantial depreciation due to economic sanctions, inflation, and political shifts in the country.
1 INR Value: 506.76 IRR
1 USD Value: 42037.50 IRR
Vietnamese Dong (VND)
The Vietnamese Dong is the currency used in Vietnam. Dong is often considered to be among the cheapest currencies in the world due to Vietnam’s lower per capita income and relatively high inflation rate.
1 INR Value: 295.77 VND
1 USD Value: 24535.00 VND
Lao Kip (LAK)
The Lao Kip is the currency of Laos. It’s considered to be one of the cheapest currencies of the world due to Laos’ position as a developing country with an inferior GDP per capita.
1 INR Value: 251.22 LAK
1 USD Value: 20839.52 LAK
Sierra Leonean Leone (SLL)
The Sierra Leonean Leone is a currency used in Sierra Leone. This currency has met major devaluation due to economic factors and challenges linked with governance and development.
1 INR Value: 238.09 SLL
1 USD Value: 19750.00 SLL
Indonesian Rupiah (IDR)
The currency of Indonesia is Indonesian Rupiah, and often lands itself on the list of the cheapest currencies in the world. It has undergone depreciation against major currencies due to factors including inflation, trade imbalances, and economic uncertainty.
1 INR Value: 188.48 IDR
1 USD Value: 15635.00 IDR
Uzbekistani Som (UZS)
Another cheapest currency of the world is the Uzbekistani Som, the currency of Uzbekistan. It has undergone depreciation due to economic factors and restricted convertibility outside the country.
1 INR Value: 150.37 UZS
1 USD Value: 12473.99 UZS
Guinean Franc (GNF)
The Guinean Franc is the currency of Guinea. Guinea has encountered economic setbacks including high inflation and political instability. These factors have contributed to the depreciation of this currency.
1 INR Value: 103.49 GNF
1 USD Value: 8584.75 GNF
Paraguayan Guarani (PYG)
The Paraguayan Guarani is a currency used in Paraguay and has more often than not been included in the list of cheapest currencies in the world. Paraguayan Guarani is considered to be one of the cheapest currencies due to the country’s moderately lower economic development compared to other countries.
1 INR Value: 87.92 PYG
1 USD Value: 7293.68 PYG
Ugandan Shilling (USH)
The Ugandan Shilling (UGX) is the official currency of Uganda. The country has experienced moderate to high inflation rates in the past, which have affected the value of the currency and have landed it on the list of the cheapest currencies in the world.
1 INR Value: 46.75 USH
1 USD Value: 3878.05 USH
Iraqi Dinar (IQD)
The Iraqi Dinar (IQD) is the official currency of the Middle Eastern country Iraq. The dinar replaced the Indian Rupee as Iraq’s official currency after the country gained independence from British rule. Economic instability, political unrest, and inflation have contributed to the depreciation of the currency. The country has faced significant economic challenges and the economic restrictions imposed on Iraq have also had a detrimental impact on the country’s economy and currency.
1 INR Value: 15.77 IQD
1 USD Value: 1308.35 IQD
Frequently Asked Questions (FAQs)
– What is the cheapest currency in the world?
The Iranian Rial (IRR) is considered to be the world’s cheapest currency in 2024.
– Which currency is at its lowest?
The Iranian Rial, Indonesian Rupiah, Lao Kip, Guinean Franc, and Paraguayan Guarani hold the status of being the lowest-valued currencies in the world in 2024.
– What is the cheapest currency exchange in the world?
1 Indian Rupee equals 508.53 IRR, making Iranian Rial the cheapest currency in the world in 2024.
Hero Image: Courtesy pogonici/Shutterstock; Feature Image: Courtesy PlumTree Studio/Shutterstock
