5 Worst Performing Currencies of 2023

4. Argentine Peso

Price Against 1 USD on January 2, 2023: 178 

Price Against 1 USD on September 15, 2023: 349

Percentage Decline in Price in 2023: 96%

Argentine Peso is the official currency of Argentina, the famous South American country that won the FIFA World Cup in 2022. Unlike the highs from the football triumph, the local currency has taken a beating on the economic field. There are several reasons for this devaluation. For example, the current account deficit of the country has been waiting to record levels since 2018, the industrial output has been contracting, the trade gap has been increasing, and high inflation has led to record rate hikes, essentially bringing the economy to a halt.