Elena Kovalenko17:19, 08/09/232 minutes.1293
Against the backdrop of massive anti-Russian sanctions imposed in connection with the Russian invasion of Ukraine, the Russian ruble entered the top three of the weakest currencies in the world and leads in terms of volatility.According to Bloomberg , the currency of the aggressor country, in terms of the rate of decline, even overtook the Turkish lira.
For seven months of 2023, the ruble lost 57% against the dollar, the euro – 73%.
Now banks offer an average of more than 97 rubles per dollar and more than 107 rubles per euro. At the same time, the fall of the currency continues.
The ruble has weakened 23% against the dollar this year, placing it in the top three worst-performing emerging markets with the Turkish lira and Argentine peso.
As of 16:40 Kyiv time, one dollar was worth 98.10 rubles. As the material says: “The ruble is approaching 100 per dollar. This is the level that was last seen within the first month after Putin ordered the invasion of Ukraine.”
The Central Bank of the aggressor said that the fall of the Russian currency is due to a reduction in exports and a simultaneous expansion of imports.
The aggressor’s currency has almost halved in value from last year’s peak in capital controls amid rising government spending, falling energy revenues and a rush by Russians to deposit funds in overseas accounts, the report says.
The collapse of the Russian currency
Exactly one year after the Russian invasion of Ukraine, on February 24, 2023, the Russian ruble fell to a 10-month low.
On April 6, 2023, for the first time in a year, the Russian ruble fell to a record low. The largest drop in the aggressor’s currency since April 2022 was recorded.On April 7, 2023, the Russian ruble broke through its annual low .
As of June 29, 2023, Prigozhin’s failed rebellion has plunged the Russian ruble to an all-time low. The dollar rose to 87.47 rubles – the highest value since the end of March 2022.