10 Weakest Currencies in the World (2024 Version)

10 Weakest Currencies in the World (2024 Version).

In mid-2024, Forbes released its list of the world’s weakest currencies, based on their value relative to the US dollar—the most widely used currency for global transactions. Surprisingly, Indonesia's rupiah made the list as one of the weakest currencies. This is largely due to the ongoing instability in the global economy.

Curious about which currencies ranked the lowest in 2024? You’re in the right place! In this article, we’ll walk you through the top 10 weakest currencies in the world, based on Forbes' findings. 

Plus, with the help of social media and technology, it's easier than ever to keep track of the economic trends and financial status of different countries.

Without further ado, here’s the list:

1. Iranian Rial (IRR)

Ranked as the weakest currency in the world, Iran's rial is worth only US$0.000024 or about IDR0.38 (Indonesian Rupiah) as of July 2024. Economic sanctions, nuclear conflict, and the long-standing Iran-Iraq war have significantly weakened this currency.

2. Vietnamese Dong (VND)

Next up is the Vietnamese dong, with a value of US$0.000039 or IDR0.64. Vietnam’s economy has been struggling in recent years, but there’s hope that ongoing recovery programs will bring the dong back up.

3. Laotian Kip (LAK)

The kip from Laos takes third place, with a value of US$0.000045 or IDR0.73. Laos is currently facing severe economic challenges, including high inflation and growing foreign debt, which have heavily impacted the currency.

4. Sierra Leonean Leone (SLL)

Sierra Leone’s leone ranks fourth, worth only US$0.000051 or IDR0.84. Corruption, civil wars, and the Ebola outbreak have drained the country's reserves, severely devaluing the currency.

5. Indonesian Rupiah (IDR)

Unfortunately, Indonesia's rupiah ranks fifth on the list, valued at just US$0.000062. Over the past seven years, the rupiah has remained relatively weak, affected by falling foreign reserves, commodity prices, and widespread corruption within the government.

6. Uzbekistani Som (UZS)

The som, Uzbekistan's currency, is in sixth place, with a value of US$0.000079 or around IDR1.28. The country’s economy still hasn’t fully recovered from the impact of the COVID-19 pandemic.

7. Guinean Franc (GNF)

The Guinean franc has been declining steadily over the years, currently valued at US$0.00012 or IDR1.89. Corruption, irresponsible government officials, and political instability have all contributed to its devaluation.

8. Paraguayan Guarani (PYG)

In eighth place is the Paraguayan guarani, valued at US$0.00013 or IDR2.15. High inflation, unemployment, poverty, and corruption have all contributed to the guarani's continued decline.

9. Cambodian Riel (KHR)

The riel, Cambodia’s currency, ranks ninth with a value of US$0.00024 or IDR3.95. Cambodia relies heavily on agriculture and tourism, both of which have faced major downturns in recent years.

10. Ugandan Shilling (UGX)

Rounding out the top 10 is Uganda’s shilling, valued at US$0.0027 or IDR4.38. The Ugandan economy has struggled since the presidency of Idi Amin, whose policies had a long-lasting negative impact on immigration and national development.

10 Strongest Currencies in the World

Besides the weakest, Forbes also released a list of the world’s strongest currencies in 2024. Here are the top 10:

1. Kuwaiti Dinar (KWD) – US$1 = KWD3.26 or IDR52,681.60
2. Bahraini Dinar (BHD) – US$1 = BHD2.66 or IDR42,985.60
3. Omani Rial (OMR) – US$1 = OMR2.61 or IDR42,177.60
4. Jordanian Dinar (JOD) – US$1 = JOD1.41 or IDR22,785.60
5. Gibraltar Pound (GIP) – US$1 = GIP1.27 or IDR20,523.20
6. British Pound (GBP) – US$1 = GBP1.27 or IDR20,523.20
7. Cayman Islands Dollar (KYD) – US$1 = KYD1.20 or IDR19,392
8. Swiss Franc (CHF) – US$1 = CHF1.13 or IDR18,260.80
9. Euro (EUR) – US$1 = EUR1.08 or IDR17,452.80
10. US Dollar (USD) – US$1 = IDR16,160

There you have it! A complete breakdown of the world’s weakest and strongest currencies in 2024. I hope this article helps you understand the factors that affect currency values and the importance of staying informed about global economic trends.

Feel free to share your thoughts in the comments below!