Mongolia Tugrik Rivals Syria as Biggest Exotic Loser: Currencies

After Syria and Iran, Mongolia is delivering the world’s worst currency returns this quarter as tumbling international investment and coal revenue starve the country of the foreign exchange needed to fund imports.

Mongolia’s tugrik sank 12 percent to 1,637.25 per dollar since June 30, the third-biggest loss among more than 100 foreign-exchange rates tracked by Bloomberg and the largest drop of about 80 exotic currencies. The former Soviet satellite’s tender weakened in all but three of the last 19 years and sank to a record 1,728 on Sept. 10.