weakest currency in the world to inr

The average daily expense for a budget traveler in Indonesia is around ₹ 1,400 to ₹ 2,800. Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Bolivia is around ₹ 80,000 to ₹ 1,20,000. The average daily expense for a budget traveler in Bolivia is around ₹ 1,400 to ₹ 2,800, which includes accommodation, food, transportation, and sightseeing. Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Cambodia is around ₹ 35,000 to ₹ 50,000.

During a denomination, old banknotes are exchanged for new ones, which, as a rule, have a smaller denomination. This currency was first introduced in 1810, with the outbreak of the Colombian War of Independence from Spain, to replace the Spanish real that was in circulation until then. The Colombian peso is the national currency of the Republic of Colombia. Due to the low value of old-style banknotes, by presidential decree of September 5, 2016, 7 new banknotes were issued in denominations from 1 thousand to 100 thousand rupiahs.

Tourism and agriculture are Cambodia’s most significant income streams. The country has a dual-currency system, with US dollars also valid as legal tender. Dollars are standard in urban areas and tourist hotspots, so the Cambodian riel is frequently used in remote areas. The Lao or Laotian Kip is not a devalued currency but one that has had a low rate since its introduction in 1952.

Guinean Franc (GNF)

It was pegged to the US dollar from 1958 to 1972 and was replaced twice in 1972 and 1979 to try and stabilise the currency. The Somali shilling is a weak currency, but this may be about to change, and in a few years, it may not even be on this list. But there are several countries with currencies lower than the Indian rupee, which basically means you can visit the country without caring too much about your bank balance.

weakest currency in the world to inr

Thus, knowing foreign exchange rates before making a transfer is crucial. A good exchange rate can reduce the cost considerably, especially if you transfer large amounts. Guinea Franc (GNF) is the official currency of the Republic of Guinea and was earlier known as French Guinea. The country attained independence from France in 1958, and until then, the common area currency, the CFA franc, was in circulation. However, the country’s economy was stalled due to political instability.

The US dollar is, and has been consistently, the weakest currency in the world to inr largest reserve currency in the world, with the currency making up 58.81% of all reserves in the world. As of 2023, here is a list of the top 20 strongest currencies in the world. Foreign exchange trading always happens in pairs where one currency is bought against the other. The first currency or the one to the left in the pair is the base currency, and the other is the quote currency. Hence, the currency depreciation would show how many more units of quote currency are needed to buy base currency than previously. Insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX business.

Introduced in 1960, the year the country declared independence from British rule, it initially had an equal exchange rate with the British Pound Sterling (GBP). The central currency of the Bahamas since 1966, the Bahamian dollar is tied to the US dollar with a fixed exchange rate, meaning that the Bahamian Dollar will always equal the US Dollar. In 2020, the Bahamas became the first country to introduce a legal digital currency of their own, introducing the Sand Dollar as an alternative in an attempt to accelerate the adoption of digital payments. The Panamanian balboa is also pegged to the US dollar, and has been in circulation since 1902 when Panama gained independence from Colombia.

Why do currencies devalue?

The Paraguayan economy is experiencing a terrible economic downturn due to high inflation, unemployment, increased poverty, and corruption. The Covid-19 pandemic impacted the country’s economy, though the data suggests that Uzbekistan resumed its internal operations in the third quarter of 2022. However, the decrease in industrial output has increased the currency’s future unpredictability.

  1. The Cambodian Riel is the currency of this Monarch State in Southeast Asia.
  2. Sierra Leone is a very poor African country, which handled out many serious tests that caused the local money to devalue.
  3. When a currency gets weaker, it can buy less foreign money, but that doesn’t mean everyone in the country is doing worse.
  4. The country experienced a devastating economic collapse resulting in high inflation, corruption, high unemployment, and increased poverty.
  5. Panama interestingly has no central bank, instead the government owns two separate banks to handle the country’s finances.

Panama interestingly has no central bank, instead the government owns two separate banks to handle the country’s finances. Iran, an oil-exporting country and an influential member of OPEC, is also a significant player in global finance and trade due to its nuclear program. The Iranian Rial (IRR) is the country’s official currency, introduced in 1798 but named Toman. Despite these attempts to solidify the currency and re-peg to the US dollar, hyperinflation struck the country in 2012, causing the value of the currency to plummet. Venezuela’s inflation rate of 65,374% in 2018 dropped to around 400% in 2023, but the country’s economy is still officially in a state of hyperinflation.

Iranian Rial (IRR)

The average daily expense for a budget traveler in Tanzania is around ₹ 2,100 to ₹ 4,200, which includes accommodation, food, transportation, and sightseeing. Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Zimbabwe is around ₹ 45,000 to ₹ 65,000. The average daily expense for a budget traveler in Zimbabwe is around ₹ 2,800 to ₹ 5,600, which includes accommodation, food, transportation, and sightseeing. Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Laos is around ₹ 25,000 to ₹ 40,000. The average daily expense for a budget traveler in Laos is around ₹ 700 to ₹ 1,100, which includes accommodation, food, transportation, and sightseeing. Flight Tickets and Daily Expenses – The average range of price of flight tickets for a roundtrip from India to Vietnam is around ₹ 15,000 to ₹ 25,000.

Inflation, including higher prices for oil and other global commodities, has been worsened by declines in the kip—and, in turn, is helping push the currency even lower. Check out our guide explaining the basics of foreign exchange movements. Oil is the main contributor to the value of the Jordanian Dinar, but it is also because of tight government policy that is strict on exchange rates. The economic activity in Jordan has been slowing however, and the currency may see a drop in a few years to come. As discussed earlier, currency depreciation may occur due to the high inflation rate, too high or too low-interest rates, high government debt, political instability, negative balance of trade, etc. Instead of doing the above hassle, you can simply use a specialist provider like Instarem for international money transfer services.

This doesn’t necessarily make one country richer than another, but the strength of a currency does often correlate with a country’s GDP and stability. This huge inflation means that at the time of writing, 1 pound is the equivalent of 53,817 rials. To remedy the hugely inflated numbers, Iranians have adopted two systems for counting money – rial and tuman. Tuman is a system which simply removes one of the zeros to make counting the inflated currency a lot easier. 500,000 rials is equivalent to 50,000 tumans, and will sometimes appear as 50,000 T. But as a traveller, you will often need to ask which system the price is in.