The Russian ruble has hit an almost five-year low against the euro Tuesday as coronavirus cases surged and geopolitical risks weighed down on Russian assets.
The ruble shed more than 1% against the euro to fall as low as 93.3, its weakest since January 2016.
The ruble also fell by 1% to 79.8 against the U.S. dollar, its weakest since March 2020, when oil prices crashed on weak demand.
The Russian currency’s poor performance continues from last week, when markets were on edge over a surge in coronavirus cases across Europe.
Appetite for the ruble previously plunged following anti-government protests in neighboring Belarus and the poisoning of Russian opposition leader Alexei Navalny. Both events raise the prospects of new sanctions against Russia.
Analysts also say that investors are being kept at bay by the prospect of sanctions over the upcoming U.S. presidential elections.
The Kremlin on Monday attributed the ruble’s drop to market volatility and expressed confidence in its recovery.
(C)MOSCOW TIMES 2020
Muscovy keep claiming the end of the dollar is nigh. Not sure what that makes the ruble then.
Hahaha, you’re right! RT has had the dollar’s demise on their front page for many years. If they were real journalists there, they would wonder why the ruble has dropped from 33 to 78 on the dollar since their fascist invasion of Ukraine. I think a 3rd grader could figure that one out but it eludes the Putinazis.
Russians are happy. They keep claiming they get more rubles for the dollar, so the ruble is stronger. LMAO
Hahaha! Yes they look at everything backwards.
The Ruskies always base their politics and economics on wishful thinking. One reason why the SU evaporated. Mafia land will eventually too.
Cheaper than Bog Roll.
Toiletpaper belongs on a roll, not in a wallet.
It’s logical; a junk country needs only junk currency.
This is the site I use to track currency
https://www.xe.com/currencyconverter/
Go back 10 years £1 = 48.22 Rubles
Go back 5 years £1 = 100.44 Rubles
Go back 1 year £1 = 79.69 Rubles a slight recovery, perhaps shorty was ill?
Today the rate is £1 = 102.84 Rubles and climbing.
We can all relax. Don’t panic buy Bog Roll, Rubles are cheaper!