Russian rouble declines past 100 to the dollar as the positive impact of rising interest rates wanes.
Please make use of the sharing options available through the share button located at the top or side of articles. Copying articles to distribute to others is against FT.com’s terms of service and copyright policy. Using the gift article service, subscribers may share up to 10 or 20 articles each month. rouble plunged past 100 to the US dollar on Tuesday, defying efforts by the Russian government to stop a sharp slide this year and bringing it dangerously near to levels reached in August.
Since Moscow’s full-scale invasion of Ukraine in February 2022, the value of the Russian ruble has decreased by almost a quarter as western sanctions have a negative impact on export revenues and have increased the country’s budget deficit.
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There are some variations. We are in the rouble zone, so while paying excessive attention to the dollar exchange rate may be motivated by emotions, it is fundamentally a thing of the past, Kremlin spokesman Dmitry Peskov said on Tuesday.
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Please make use of the sharing options available through the share button located at the top or side of articles. Copying articles to distribute to others is against FT.com’s terms of service and copyright policy. Using the gift article service, subscribers may share up to 10 or 20 articles each month. The end of the favourable month-end tax period, which forces exporters to convert foreign currency income to pay domestic responsibilities and frequently supports the currency momentarily, analysts claimed, was to blame for the most recent losses a reduction in foreign investment as a result of Moscow’s September restriction on the export of diesel and petrol, which was implemented to combat rising energy prices in Russia.
