These currencies have tanked this year — and one is down over 75% against the dollar

Foreign exchange markets have endured a rocky ride in 2022, but in some countries, a combination of geopolitical pressures and central bank missteps has pushed currencies into a “death spiral.”

A stronger dollar over the course of the year, as investors flocked toward the traditional “safe haven” amid the deluge of geopolitical and macroeconomic shocks, has weighed heavily on many emerging market currencies.

Major oil producers and countries with central banks that have hiked interest rates decisively are generally faring better.

Steve Hanke, professor of applied economics at Johns Hopkins...