“Ruble Continues to Weaken as Demand for Foreign Currencies Increases”

The recent weakness of the ruble continues. In early trade on Monday, the Russian currency fell 0.59 percent against the dollar and 0.22 percent against the euro. Last week, the ruble slipped to its lowest level since April 2022. The country’s central bank announced at the beginning of the week that the devaluation was due to a phase of low export earnings, the Interfax agency reported. According to market participants, the weakness of the ruble is mainly due to the current strong demand for foreign currencies.