Highest Currency Exchange Rate For US Dollar

November 17, 2023

The majority of individuals are aware of the world's most powerful, stable, and robust currencies. What about the currencies that are the least valuable in the world yet offer the best conversion rates for the dollar? Who is aware of their names and the nations in which they were issued?

For instance, the British Pound Sterling, Swiss Franc (Swissie), US Dollar, and Euro are the most stable currencies, as are the nations that issue them. However, given that the economic climate in each of these nations is changing quickly, it was challenging for us to rank the least valued currencies.

Nevertheless, there are now certain national currencies that can be recognized as depreciated. So let's examine the ten foreign currencies that are the cheapest relative to the US dollar.

1. The Iranian Rial (320,500 IRR/USD)

  • Currency code: IRR
  • Rates in Iranian rials:
  • 1 USD equals 320,500 IRR (US dollar to Iranian rial – black market rate)
  • 1 USD equals 42,508 IRR (US dollar to Iranian rial – official rate)
  • 1 EUR equals 321,700 IRR (Euro to Iranian rial – black market rate)
  • 1 EUR equals 42,612 IRR (Euro to Iranian rial)

The Iranian Rial is the world's least expensive currency. After the Islamic Revolution in 1979, when many firms fled the nation due to the unpredictability of the situation, it began to devalue. Then the Iran-Iraq War broke out, followed by economic restrictions brought on by the nation's nuclear program. 

Additionally, the Iranian government limited its residents' access to foreign cash, which boosted the illegal market significantly. All of this hurts the economy and reduces the value of the currency by over 400%.

The Iranian administration consented to sign the nuclear agreement with the United States, France, United Kingdom, China, Russia, and Germany in 2015 in exchange for the lifting of sanctions. It made things better and kept the local currency stable. However, the United States asserted in 2018 that Iran is continuing its nuclear program. 

The severity of the sanctions was increased, which limited the nation's access to international commodities markets. Iran was no longer able to export its petroleum, which accounted for 69% of its yearly revenue. It caused a significant deficit in its country's budget. Other industries were also subject to the restrictions, such as metallurgy and petrochemistry.

Iran experienced rampant inflation and a 600% devaluation of its currency by May 2020. For this reason, the government chose to convert the Rial to the Toman and remove four zeros from its face value, meaning that 10,000 old Rials will equal one Toman.

2. Vietnamese Dong (23,376 VND/USD)

  • Currency code: VND
  • Rates in Vietnamese Dong:
  • 23,376 VND to 1 USD (US dollar to Vietnamese Dong).
  • 23.420 VND to 1 EUR (Euro to Vietnamese Dong).

The Vietnamese Dong is the second-cheapest currency in the world. Vietnam is currently struggling to transition from a centralized to a market economy. Hence the value of its currency has significantly declined recently.

The Dong now holds the third spot on our list of the "poorest currencies." The Vietnamese government, according to observers, is moving in the right direction and may eventually catch up to its more immediate Asian neighbors.

3. Lao or Laotian Kip (15,106 LAK/USD)

  • Currency code: LAK
  • Lao or Laotian currency:
  • 15106 Laks for every USD (US dollar to Lao or Laotian Kip).
  • 1 EUR equals 15,134 LAK (Euro to Lao or Laotian Kip).

The only currency on this list that didn't depreciate but was initially printed at a relatively low rate is the Lao. In addition, the currency has strengthened against the US Dollar since its issuance in 1952 and has continued to gain value.

4. Indonesian Rupiah (15,038 IDR/USD).

  • Currency code: IDR
  • Rates in Indonesian Rupiah:
  • 1 USD equals 15,038 IDR (US dollar to Indonesian Rupiah).
  • 1 EUR equals 15,070 IDR (Euro to Indonesian Rupiah).

Due to the poor value of old-style banknotes, 7 new banknotes with values ranging from 1000 to 100,000 rupiahs were created by presidential order on September 5, 2016. The southeast Asian nation of Indonesia is relatively developed and has a steady economy. However, the value of its currency is quite low. The nation's regulatory bodies have tried everything to fortify the national currency, but the results of their efforts have been negligible.

5. Sierra Leone (13,314 SLL/USD).

  • Currency code: SLL
  • Sierra Leone is rated as follows:
  • 1 USD equals 13,314 SLL (US dollar to Sierra Leonean Leone).
  • 1 EUR equals 13,340 SLL (Euro to Sierra Leonean Leone).

Sierra Leone is a severely underdeveloped African nation that has undergone several difficult tests that devalued its currency. There was recently a battle, and the deadly Ebola virus keeps coming back.

The Bank of Sierra Leone decided to renominate Sierra Leonean Leone in August 2021. With a ratio of 1 New Leone to 1,000 Existing SLL, old banknotes will be replaced with new ones dubbed the New Leone.

6. Uzbek Sum (10,961 UZS/USD)

  • Currency code: UZS
  • Rating for Uzbek Sum:
  • 10,961 UZS to 1 USD (US dollar to Uzbek Sum).
  • 10,984 UZS to 1 EUR (Euro to Uzbek Sum).

By presidential decree, the contemporary Sum entered circulation on July 1, 1994, with a parity of 1 Sum to 1000 Sum coupons. The exchange rate of the Sum versus the US dollar was established at 1 USD = 8,100 UZS as a result of the liberalization of their monetary policy on September 5, 2017, with an estimated range of 8,000–8,150 UZS for 1 US dollar.

7.Guinean Franc (8,711 GNF/USD)

  • Currency code: GNF
  • Rates in Guinean Franc
  • 1 USD equals 8,711 GNF (US dollar to Guinean Franc).
  • 1 EUR equals 8,729 GNF (Euro to Guinean Franc).

Guinea, an African nation with one of the most inflated currencies, saw its currency depreciate as a result of a high rate of inflation, growing poverty, and thriving criminals. The currency of this nation ought to be among the most valued, given its natural resources, which include gold, diamonds, and aluminum.

8. Paraguayan Guarani (6,884 PYG/USD).

  • Currency code: PYG
  • Guarani from Paraguay rates:
  • 1 USD equals 6,884 PYG (US dollar to Paraguayan Guarani).
  • 1 EUR equals 6,897 PYG (Euro to Paraguayan Guarani).

The second-poorest nation in South America is Paraguay. It experienced a severe economic decline that included high unemployment, high levels of poverty, low-quality education, corruption, and inflation. Although Paraguay exports soybeans and cotton, this scarcely suffices to meet its economic demands.

9. Colombian Peso (4,487 COP/USD)

  • Currency code: COP
  • Rates in Colombian Peso:
  • 1 USD equals 4,487 CO2 (US dollar to Colombian peso).
  • 1 EUR equals 4,496 COP (Euro to Colombian peso).

The Republic of Colombia uses the Colombian peso as its official currency. 100 centavos make up 1 COP. Centavos, however, are no longer in use as a result of inflation. With the start of the Colombian War of Independence from Spain in 1810, this money was initially issued to replace the Spanish real that had been in use up until that point.

The Colombian peso has been linked to the US dollar, the British pound sterling, and the French franc at various points in time. Since 1980, when 1 USD was equivalent to 50 COP, devaluation has rapidly increased. The value of the Colombian peso has decreased by roughly 3,000 times as of this writing.

10. Cambodian Riel (4,084 KHR to USD)

  • The KHR currency code.
  • Rates in Cambodian Riel
  • 1 USD equals 4,084 KHR (US dollar to Cambodian Riel).
  • 1 EUR equals 4,093 KHR (Euro to Cambodian Riel).

The Cambodian Riel is the ninth weakest currency in the world. The national currency of this Southeast Asian monarchy is the Cambodian Riel. In 1995, this currency was introduced to take the place of the Indochinese Piaster. 

When it first came out, the Riel had a poor conversion rate and was not well-liked by residents who had chosen to use international money. Now that so many Cambodians prefer to pay in dollars, the value of the native currency is further diminished.

If you are interested in more articles like this, here’s one about the currency used in England.

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