Moscow, Aug 14 (AFP\/APP): The Russian ruble slid past 100 against the dollar Monday, its lowest level since March 23, 2022 — weeks after Moscow unleashed full-scale hostilities in Ukraine.<\/p>\n
The ruble has shed around 30 percent of its value against the dollar since the beginning of the year, as the country imports more and exports less.<\/p>\n
Data from the Moscow Exchange showed the ruble trading at 101.01 to the dollar at 11:33 am (0833 GMT), while against the euro it tumbled to a near 17-month low of 110.73.<\/p>\n
The ruble could sink further to 115-120 per dollar, Alor Broker analyst Alexei Antonov warned in a note published by financial firms on Monday.
\n“For the decline in the ruble to end,” Antonov said, “we need to wait for a reduction in imports or decisive steps by the monetary authorities.”<\/p>\n
Russia’s central bank already hiked its key interest rate to a greater-than-expected 8.5 percent in July, and last week set aside its budget rule in a bid to stabilise the currency.<\/p>\n
The decline in the ruble has prompted fears ordinary Russians’ standard of living could take a hit, as inflation creeps up.<\/p>\n","protected":false},"excerpt":{"rendered":"
Moscow, Aug 14 (AFP\/APP): The Russian ruble slid past 100 against the dollar Monday, its lowest level since March 23, 2022 — weeks after Moscow unleashed full-scale hostilities in Ukraine. The ruble has shed around 30 percent of its value against the dollar since the […]<\/p>\n
\n","protected":false},"author":16,"featured_media":86945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-86942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-news"],"yoast_head":"\n