Pediafx – List of the 10 lowest currencies in the world in 2023 based on their exchange rates against the US dollar.
PEDIAFX – The exchange rate of a country’s currency can fluctuate due to economic factors such as inflation, interest rates, and political stability. Therefore, the world’s lowest currencies can change over time. Generally, the US dollar is used as a benchmark for comparing currency values because it is known as the most widely traded currency globally. So, what are the world’s lowest currencies in 2023?
- Iranian Rial (IRR): The Iranian Rial is the weakest currency in the world. The conversion rate is 1 Iranian Rial equals 0.000024 US dollars or 1 US dollar is equivalent to 42,273 IRR. Iran itself is a country located in the Persian Gulf, between Iraq and Afghanistan, and is a leading exporter of oil and natural gas. However, various economic sanctions have put pressure on the Iranian currency.
- Vietnamese Dong (VND): The Vietnamese Dong is in the second position on the list of the world’s lowest currencies. The exchange rate is 1 Vietnamese Dong equals 0.000042 US dollars or 1 US dollar is equivalent to 23,711 VND. The depreciation of the Vietnamese currency has been affected by a weak real estate market, restrictions on foreign investment, recent export declines, and an increase in interest rates in the US. However, the World Bank has noted that Vietnam has transformed from one of the poorest countries in the world to a middle-income country.
- Laotian Kip (LAK): The Laotian Kip is also included in the list of the world’s lowest currencies. The exchange rate is 1 Laotian Kip equals 0.000052 US dollars or 1 US dollar is equivalent to 19,072 LAK.
