Prigozhin’s rebellion led to the collapse of the ruble: a new bottom has been broken

The rate of decline accelerated after Prigozhin’s unsuccessful coup from 23 to 24 June 2023.

In Russia, in recent months, the ruble has actively begun to become cheaper, and after the unsuccessful coup of the leader of the Wagner PMC, Yevgeny Prigozhin, the situation became even more complicated. Now 1 dollar in Russia costs more than 90 rubles, and the euro is traded at the level of 100 rubles.

This is evidenced by statistics on the official website of ” Google Finance “.

It is noted that as early as June 22, the ruble showed a strengthening trend and was at around 80 rubles per dollar, but the very next day after Prigozhin’s unsuccessful coup, the situation changed dramatically. From that moment on, the ruble began to actively become cheaper, namely, the ruble devalued against the dollar by 13% – to almost 91 rubles as of July 5, and the euro – by 15% – to almost 100 rubles.

The situation in Russian banks is also quite tense. In Sberbank, a dollar is sold at almost 94 rubles, and bought at 88 rubles. Euros are sold for 100 rubles, and bought – for 98.

In the Tinkoff bank, the dollar is sold at 92 rubles, and bought at 88. Euros are sold at almost 102 rubles, and bought at 94 rubles.

©Google Finance

War in Ukraine – impact on the ruble exchange rate

As UNIAN reported earlier, the situation with the ruble in Russia began to deteriorate from mid-June of this year, when noticeable changes in the exchange rate began: both the euro and the dollar began to grow significantly. Claims of a potential upheaval in Russia have also sent shares of Russia’s most important companies down. Over the next few days, the ruble continued to fall, setting new lows , the lowest in over a year.

However, the situation looked even more catastrophic in late February/early March 2022 when the Central Bank of Russia stopped all trading on the Moscow Exchange . Then the exchange rate of the ruble fell to a record low against the dollar and the euro, reaching levels of more than 150 rubles and more.

(C)UNIAN 2023