Even the most stable currencies in the world went through some fluctuation in 2022.
This year saw many economic changes and seriously affected the world, especially the developing countries. Inflation has reached new highs in many nations, energy prices are soaring, and unemployment is increasing.
The following are the world currencies that AlBawaba is calling the “10 biggest losers in 2022”:
1. UK Pound
The United Kingdom is seeing the highest inflation rates in western Europe. The British pound has experienced many shocks. Having fallen by 13.22% during the last six months, its value against the US dollar has come to the lowest since September 2020.
2. Indian Rupee
Like any other country, India too was affected by the global financial crisis. The Indian rupee fell 6.58% during the last six months, standing at 79.91 per US dollar.
3. Chinese Yuan
The Chinese economy saw a hard time despite its usual resilience, especially during the pandemic.
Prolonged lockdowns during the pandemic and then the recent visits of US officials to Taiwan have affected the Chinese Yuan.
The currency dropped by 8.09% in the past six months.
Euro made history in recent months as for the first time ever, it fell to parity against the US dollar.
Euro fell by 12.19%.
5. Lebanese Lira
The Lebanese Lira began to see a serious downfall in 2019. It stands at 31,100 per US dollar and its value has fallen by over 90%.
6. Egyptian Pound
The Egyptian Pound was greatly affected by the war in Ukraine. It was devalued by 14% and now stands at about 19.14 per US dollar.
7. Iranian Rial
With the global crisis and US sanctions, the Iranian Rial fell to its worst last June reaching 332,000 per US dollar.
8. Turkish Lira
The Turkish Lira has lost about 23.75% in trading in the past six months. It currently stands at 18.13 per US dollar.
9. Japanese Yen
Suffering from the after-effects of COVID-19 and the inflation the war in Ukraine has caused, the Japanese Yen saw a fall of 16.38%.
10. Ukrainian hryvnia
Needless to say, with the war in the country, the Ukrainian currency experienced a terrible shock. In 2022, it has struggled the most and fell to an all-time low of 20.48%.