Russian ruble slumps to near 17-month low, briefly moves past 100 against dollar

This pool image distributed by Sputnik agency shows Russian President Vladimir Putin meeting with the Tver region governor at the Kremlin in Moscow on August 9, 2023.
Mikhail Klimentyev | AFP | Getty Images

The U.S. dollar surged above 100 to the ruble on Monday, with the Russian currency nearing a 17-month low as President Vladimir Putin’s economic advisor blamed loose monetary policy for the rapid depreciation.

The ruble has lost around 30% against the greenback since the turn of the year. The Bank of Russia has blamed the country’s shrinking balance of trade, as Russia’s current account surplus fell 85% year-on-year from January to July.

Putin’s economic advisor Maxim Oreshkin told Russia’s state-owned Tass news agency that the depreciation would normalize in the near future.

“A weak rouble complicates the economy’s structural transformation and negatively affects the population’s real incomes. It is in the interests of the Russian economy to have a strong ruble,” he said, according to a Google translation.

Articles You May Like

GBP/USD Price Analysis: Consolidates near multi-month low, below 1.2400 ahead of UK CPI
European major indices close higher. Encouraged by the weaker UK inflation data today.
EURUSD cracks below 100 hour MA at 1.06748
Striking unions impacting the economy at a level not seen in decades
Criminals more reliant on cross-chain bridges than ever after mixer crackdowns

Leave a Reply

Your email address will not be published. Required fields are marked *