Among the many economic changes that took place throughout 2022 were the incredibly fluctuating currency prices that affected even the most stable ones, including the US Dollar and the Euro.
It should come as no surprise that the current economic meltdown, which is evident in soaring inflation, spiking energy prices, and persistently high unemployment rates, has also left its mark on different currencies around the world.
In recent weeks, prices of historically stable currencies have taken wild turns up and down several times, sending alarming signs of a longer phase of inconsistency in the markets.
World Currencies - 10 Biggest Losers in 2022
1- UK Pound
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Just as the United Kingdom has seen the highest inflation rates in western Europe during this year, the British Pound has also felt several shocks, bringing it to its lowest value against the US dollar since September 2020, a time the UK economy was struggling in the wake of the COVID19 pandemic.
The UK pound has fallen by 13.22% during the last six months.
2- Indian Rupee
Pushed by the same financial crisis that is rocking our world, the Indian Rupee has fallen by 6.58% during the last six months, standing at nearly 79.91 per US dollar.
3- Chinese Yuan
Despite the relative resilience, the Chinese economy has shown to the latest crises that hit the global economy, particularly during the COVID-19 pandemic, it seems to be feeling the consequences of the 2022 crisis, ignited by the Russian war in Ukraine.
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China's economy has also been pressured by a series of lockdowns imposed by local authorities who are still applying the country's 0 COVID cases policy. Moreover, tensions over the latest visits by US top officials to Taiwan have impacted the Chinese Yuan, which has dropped by 8.09% during the last six months.
4- Euro
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During the last six months, the Euro made history as it fell to parity against the US dollar several times for the first time ever, falling by 12.19%.
5- Lebanese Lira
Standing at nearly 31,100 per $1 USD, the Lebanese Lira's free fall started back in October 2019 as the country's financial crisis kicked off, many months before the COVID-19 or the Russian war in Ukraine.
Since 2019, the value of the Lebanese lira was slashed by more than 90%.
6- Egyptian Pound
Following the Ukraine war that started last February, the Egyptian Pound was devalued by 14%, to stand around 19.14 per US dollar.
During the last six months, the Egyptian Pound dropped by 17.90%.
7- Iranian Rial
Last June, the Iranian Rial fell to its all-time low at 332,000 per US dollar, pressured by the global economic shake in addition to additional US sanctions.
8- Turkish Lira
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The Turkish lira is another currency that has been losing its value for many years. During the last six months, it lost around 23.75%, trading at nearly 18.13 per US dollar.
9- Japanese Yen
Here is another currency that is suffering the consequences of COVID-19 and the inflation triggered by the Russian war in Ukraine. Over the last six months, the Japanese Yen fell by 16.38%.
10- Ukrainian hryvnia
It is no secret that the Ukrainian hryvnia is one of the most struggling currencies during 2022, given that the country is still living under daily Russian attacks since last February.
During the last six months, the hryvnia fell by 20.49% to an all-time low.
