After months of appreciation, the Russian ruble has plunged on the Moscow stock exchange. Against the US dollar and the euro, the Russian currency lost about 10 percent on Tuesday. According to RBC news agency, the loss over the past three trading days has even risen to about 20 percent.
At the end of the trading day, 1 dollar cost more than 61 rubles, while 1 euro was worth 63 rubles. In the trading day, values peaked at 62 and 64 rubles respectively. The ruble hadn’t been this weak since early May.
The ruble is clearly worth more than it was before the Russian invasion of Ukraine at the end of February. The currency had risen sharply due to massive restrictions on currency trading and Western sanctions against Moscow, which plunged Russian imports. As a result, the demand for euros and dollars in Russia also decreased.
According to experts, the ruble’s decline is related to easing in the Russian central bank’s currency policy and the expectation that it will start buying foreign exchange again on the stock exchange. In addition, Russian imports have recently increased slightly again.
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