The Russian rouble has fallen to its lowest value for 16 months, falling past 100 per US dollar.
The decline comes as pressure grows on the Russian economy, with imports rising faster than exports and military spending growing for the Ukraine war.
Russia has been targeted with sanctions by Western countries following its invasion of Ukraine in February 2022.
Russia has been targeted with sanctions by Western countries following its invasion of Ukraine in February 2022.
It has fluctuated in value since the war, but has lost about a quarter of its value overall against the dollar since Ukraine was invaded.
Earlier on Monday, the rouble was 101.04 per US dollar. The more roubles per dollar means the currency is weakening, as it will take more of it to buy one US dollar, which is typically seen as the most powerful currency in the world.
Russia’s central bank has said that a key interest rate increase is possible, but maintains that it sees no threat to the country’s financial stability.
Jane Foley, managing director at Rabobank London, said the rouble had been “weakening progressively” this year, but added “the pace has picked up since late July”.
“The weakness in the rouble reflects a weakening fundamental backdrop in Russia,” she added, pointing out that the country’s budget was in deficit and it was relying on imports from China and Turkey, but facing pressure over exports.
The Russian rouble has fallen to its lowest value for 16 months, falling past 100 per US dollar.
Russia has been targeted with sanctions by Western countries following its invasion of Ukraine in February 2022.
The decline comes as pressure grows on the Russian economy, with imports rising faster than exports and military spending growing for the Ukraine war.
It has fluctuated in value since the war, but has lost about a quarter of its value overall against the dollar since Ukraine was invaded.
Russia has been targeted with sanctions by Western countries following its invasion of Ukraine in February 2022.
Russia has been targeted with sanctions by Western countries following its invasion of Ukraine in February 2022.
It has fluctuated in value since the war, but has lost about a quarter of its value overall against the dollar since Ukraine was invaded.
Earlier on Monday, the rouble was 101.04 per US dollar. The more roubles per dollar means the currency is weakening, as it will take more of it to buy one US dollar, which is typically seen as the most powerful currency in the world.
Russia’s central bank has said that a key interest rate increase is possible, but maintains that it sees no threat to the country’s financial stability.
Jane Foley, managing director at Rabobank London, said the rouble had been “weakening progressively” this year, but added “the pace has picked up since late July”.
“The weakness in the rouble reflects a weakening fundamental backdrop in Russia,” she added, pointing out that the country’s budget was in deficit and it was relying on imports from China and Turkey, but facing pressure over exports.
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