Top 10 of the Weakest World Currencies in Current Year 2024

In this blog post, I will be discussing the ten weakest world currencies in current year. These are based on a study by the Economist Intelligence Unit which is an independent business unit of The Economist Group. In fact, what is really interesting Trade Currency about these currencies is that they all have something in common – their nations’ economies are either small or not among the strongest in the world and/or there has been a lot of political unrest.

What’s even more fascinating is that these countries use an international currency to trade with other nations but it doesn’t seem to help them at all because their own country’s economy isn’t doing well enough for its citizens to make ends meet! It seems like there needs to be a change soon before any further damage can occur.

Weakest Currency in the World 2024

I’m sure you’re wondering, “What is the weakest currency in the world?” Well, this blog post will give you a list of 10 currencies that are currently weaker than ever. It’s not always easy to keep up with what is going on in foreign markets and which countries Currency Pairs have weak currencies. But if you want to be well-informed about forex trading, it’s important to know these things!

It can be hard to know which currencies are the weakest. This article will examine the 10 of the most notable forex currencies in current year, including their strengths and weaknesses. The table below provides an overview of each currency’s ranking according to 2017 data from Bloomberg.

Weakest Currency in the World

The following is a list of the top ten currencies by rank in order with some highlights about each one:  1) Argentinean peso – ranked 54th out of 64; 2) Philippine peso- ranked 53rd out of 64; 3) Venezuelan bolivar – ranked 51st out of 64; 4) Turkish lira-ranked 47th out of 64; 5) Indian rupee-ranked 45th out of 64; 6) Russian ruble.

The following are the top 10 list of world currencies in current year, Trading Cryptocurrency ranked by their exchange rates to US Dollar. The currency with the weakest rate is based on the average daily value for November 2023.

The financial crisis in Europe has weakened the Euro to historic lows against other currencies. The Euro is currently trading at 1.33 to the dollar, down from 1.49 last month. So what are the other ten weakest world currencies today?

Among the 10 countries with the weakest currency, six are currently in Europe while four are emerging markets that have faced reductions in foreign investment flows due to high levels of debt and/or low growth prospects. The following list details these troubled economies based on their nominal effective exchange rates (EER) relative.

The Top 10 Weakest Currencies in the World

  1. Lebanon LBP 4,750 per USD up 18% year-to-date
  2. Romania RON 4,638 per USD up 6% YTD
  3. Egypt EGP 4,584 per USD down 1% YTD
  4. Mexico MXN 3,469 per USD down 5% YTD
  5. Hungary HUF 284,595 per USD up 0.25 % YTD
  6. Indonesia IDR 14,299 per USD down 6% YTD
  7. South Africa ZAR 11,030 per USD down 5% year-to-date
  8. Ukraine UAH 9,667 per USD up 8% year-to-date
  9. Nigeria NGN 791/USD up 13% YTD
  10. Argentina ARS 603/USD flat month-over-month

Afghanistan Afghani – AFN Costa Rica Colon – CRC Namibia Dollar – NAD

Exchange rates are for interbank spot/USD.

The following table shows details about each of these 10 countries with relatively weak currencies. The table is ordered by the relative change in currency values this year.

  1. Lebanon LBP 4,750 per USD up 18% year-to-date (the Economist)
  2. Romania RON 4,638 per USD up 6% YTD – Romania’s central bank raised interest rates to 5%. This was done in effort to help strengthen its currency which is currently trading near record lows against the US dollar and has lost 7% this year. Romania is also required to obtain International Monetary Fund’s approval for its budget this year due to the sharp fall in the currency (Bloomberg).
  3. Egypt EGP 4,584 per USD down 1% YTD – The Egyptian pound has lost 5% against the US dollar since January after losing more than half of its value against foreign currencies last summer. This past June, the central bank devalued the country’s currency by 14%. (Wall Street Journal).
  4. Mexico MXN 3,469/USD down 5% YTD – Standard & Poor’s cut Mexico’s credit rating last week citing concerns over public finances and low oil prices (CNN Money)
  5. Hungary HUF 284585/USD up 0.25% YTD – Hungary devalued its currency in January to boost exports and attract tourism (BBC).
  6. Indonesia IDR 14,299/USD down 6% YTD – The central bank of Indonesia is trying to manage a rise in the value of its currency by raising interest rates. The government has also discussed imposing capital controls on foreign investments (Reuters).
  7. South Africa ZAR 11,030 per USD down 5% year-to-date – Inflation has been rising at a time when economic growth is slowing. This past week the country’s finance minister said that the South African Reserve Bank may cut rates later this year if inflation slows and GDP grows below 2%. This follows a 25 basis point rate increase over the summer (BBC).
  8. Ukraine UAH 9,667/USD up 8% year-to-date – The Ukrainian central bank increased interest rates by 1.5 last week (Bloomberg).
  9. Nigeria NGN 791/USD up 13% YTD – Nigeria has been spending heavily to keep the value of its currency low as it struggles with dwindling foreign reserves and a rapidly growing economy (CNN Money)
  10. Argentina ARS 603/USD flat month-over-month – Argentine President Fernandez said that the country would devalue its currency if left with no choice due to high inflation, fiscal deficit and capital flight (Reuters) .