The value of the Russian ruble has fallen to its lowest point since April last year. You now have to pay 84.46 rubles for a dollar. The currency fell partly because oil has become less expensive.
Oil exports are very important to the Russians. A large part of the state budget comes from fossil energy revenues. Another factor is that the country has less access to foreign currency.
The value of the ruble has been under pressure since February last year. Then Russia attacked Ukraine, after which the country was subjected to a deluge of sanctions from Western countries. This made trade with Russia more difficult. After the invasion, many Western companies also decided to leave the country.
That depressed the value of the currency considerably last year. Before the invasion, you could buy a dollar for about 73 rubles, two months later you had to pay 130 rubles for it. The rate then rebounded, but since December the currency has fallen by more than a third.
The ruble has also lost value recently against major currencies such as the euro and the Chinese yuan.
2023-06-14 09:37:47
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