The Russian ruble fell in today’s trade to a 16-month low against the dollar and the euro and deepened yesterday’s losses after the finance ministry announced it was starting to buy foreign currency, Reuters reported, cited by BTA. Until now, it has been selling from its foreign exchange reserves to cover the budget deficit.
The ruble fell to 95 against the dollar and 104 against the euro, its lowest level since March 28, 2022. The decline against the yuan was 0.7 percent to 13.20 rubles.
The finance ministry will begin buying foreign currencies after seven months of selling in an attempt to capitalize on the rise in oil prices, Reuters said. However, central bank intervention in foreign exchange markets means that net sales of foreign currency will continue.
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2023-08-04 17:08:00
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