Devaluating, meaning to reduce the worth or value of something, can be expressed through a range of synonyms. Some of the most commonly used words include depreciating, diminishing, downgrading, degrading, and deteriorating. Other synonyms could include cheapening, weakening, lowering, reducing, and undermining. The word devaluating is often used to describe a decline in the value of currency, but it can also refer to any situation where something loses value or importance. Regardless of the context, there are many words that can be used in place of devaluating to convey the same idea.