Lebanese lira ranked as the world's sixth-weakest currency, according to Forbes

Forbes Advisor UK has featured the Lebanese lira as the sixth weakest currency in the world, as it dropped to a record low against the US dollar due to high inflation and unemployment rates and a political and banking crisis. 

Once pegged at LBP 1,500 per US dollar, Lebanon's currency currently stands at around LBP 92,000 in the black market. 

Analyzed based on the number of units of foreign currency received in exchange for one US dollar, and based on data from Open Exchange, Forbes Advisor UK featured the Iranian rial as the weakest currency in the world, followed by the Vietnamese dong (#2), Laotian kip (#3), Sierra Leonean leone (#4), Indonesian rupiah (#5), Uzbekistani som (#7), Guinean franc (#8), Paraguayan guarani (#9), Ugandan shilling (#10). 

According to Forbes Advisor UK, the US dollar is seen as one of the most powerful currencies and one of the most-traded. Whereas the weakest currencies trade at low fractions of a dollar, adding that "some currencies require tens of thousands of units to buy just $1." 

Additionally, the exchange rates mainly influence the cost of goods in foreign currencies, and the "exchange rate movements also create an opportunity for investors looking to make a profit from trading in foreign exchange," it said.