The Mongolian tugrik continues to feel pressure as the US dollar exchange rate sees a rise of another 10 tugriks, reflecting broader economic trends and seasonal factors.
A month ago, the tugrik-equivalent exchange rate of the US dollar surged by 35 tugriks over 14 days, reaching 3425 tugriks. As of today, the cash buying rate stands at 3408 tugriks, with a selling rate of 3434 tugriks. For non-cash transactions, the buying rate remains at 3408 tugriks, while the selling rate is slightly lower at 3417 tugriks.
Exchange Rate Trends Over the Year
The US dollar exchange rate has been relatively stable throughout the past year. In October 2023, the dollar hovered around 3460 tugriks but gradually decreased, stabilizing between 3390-3400 tugriks by March 2024. This trend persisted until mid-October 2024, when the exchange rate began to rise again, marking the current upswing.
Economic Factors Driving the Dollar’s Strength
Economists attribute the recent increase to several factors:
• Car Imports: An uptick in car imports has driven higher demand for foreign currency, contributing to the dollar’s growth.
• Seasonal Purchases: With the New Year approaching, purchasing activity tends to rise, fueling further demand for the dollar.
Other Currency Exchange Rates
• Yuan: 473 tugriks
• Yen: 22.31 tugriks
• Won: 2.48 tugriks
Economic Outlook
Despite recent fluctuations, economists predict relative stability for the US dollar exchange rate in the near future. However, market dynamics and seasonal demand will likely continue to influence short-term trends.
This latest development highlights the importance of monitoring exchange rates closely, as they have direct implications for imports, exports, and general economic stability in Mongolia.
