The Iranian rial tops the list of the cheapest currencies in the world. The fall in the value of the currency can be explained by various factors. To begin with, the termination of the Islamic Revolution in 1979 was followed by foreign investors’ withdrawal from the country.
The country has long followed a centralized economy. Although the country embarked on a path of forming a market economy, it still has a long road to walk. The currency is highly devalued currently but the chances are high of the currency improving considering the improvement in the economy.
Sierra Leonean Leone (SLL) 1 INR = 278 SLL Sierra Leonean Leone is an African currency that is highly affected by poverty. Africa has had a history of financial scandals, corruption and conflicts including a heinous civil war in the western African region.
Lao or Laotian Kip (LAK) 1 INR = 212 LAK The Lao or Laotian Kip is not a devalued currency but a currency that has had a low rate since the time of its introduction in 1952. Over the years the value of the currency has improved.
. Indonesian Rupiah (IDR) 1 INR = 179 IDR In the last seven years, the currency has not improved even the slightest. The factors that have brought devaluation of the currency include its decreasing foreign exchange reserves. Given Indonesia is heavily dependent on the export market, the fall of the cost of the commodities has further devalued its currency value.
Uzbekistani Som (UZS) 1 INR = 139 UZS The government of Uzbekistan has employed many means to improve the economy of the country. But none of them have proved to be successful.
Guinean Franc (GNF) 1 INR = 105 GNF Guinea as a country faces corruption and political instability that leads to a weakened currency. The country’s currency value is getting devalued by the passing years.
Paraguayan Guarani (PYG) 1 INR = 87 PYG Paraguay is undergoing a terrible economic downturn as a result of high inflation, a high unemployment rate, increase in poverty and corruption. These factors have left a negative impact on the value of the currency.
Ugandan Shilling (USH) 1 INR = 45 UGX Uganda faced several setbacks under Idi Amin’s governance. The country’s policies including immigration policies have impacted the country’s economy negatively.
Iraqi Dinar (IQD) 1 INR = 17 IQD Iraq’s currency, the Iraqi dinar, is issued by the country’s central bank and is subdivided into 1,000 fils. Since the year 1990, inflation made the fils devoid of much value. In the past decade, the country also faced political instability.