The term "forex markets" refers to the foreign exchange markets, where currencies are traded globally. Liquidity in the forex market refers to the ease with which a trader can buy or sell a currency pair without significantly affecting its price. In general, the forex market is known for its high liquidity, as it is the largest and most actively traded financial market in the world, with a daily trading volume exceeding $6 trillion as of my last knowledge update in September 2021. However, not all currency pairs within the forex market exhibit the same level of liquidity.

The least liquid forex markets are typically associated with currency pairs that are less commonly traded or involve currencies from emerging or smaller economies. These less liquid currency pairs tend to have lower trading volumes and wider spreads, making it more challenging for traders to enter or exit positions without incurring significant price slippage. Some of the least liquid forex markets may include exotic currency pairs like the Icelandic Krona (ISK), the Sri Lankan Rupee (LKR), or the Papua New Guinean Kina (PGK).

Low liquidity in these markets can be attributed to several factors, including limited interest from traders and investors, strict capital controls, economic instability, and low trading hours due to time zone differences. Traders in less liquid markets may experience difficulties in executing trades at desired price levels, as the bid-ask spreads are often wider, resulting in higher transaction costs.

It's essential for traders and investors to be aware of the liquidity characteristics of the forex pairs they are trading, as low liquidity can increase trading risks and make it more challenging to manage positions effectively. Therefore, understanding which forex markets are the least liquid is crucial for making informed trading decisions and managing risk appropriately in the foreign exchange market.