Us dollar to ruble

The currency slipped to over 84 rubles against the dollar at the start of the trading session, representing the weakest rate since April 4, 2022. The ruble also fell to more than 90 against the euro for the first time since April 28, 2023, trading data revealed. Analysts attribute the decline in the ruble against Western currencies to the imbalance caused by the insufficient inflow of foreign currency into the market. “This is due to a reduction in export earnings following relatively low oil and gas prices,” an expert from BKS Mir Investment, Dmitry Babin, told RBK news outlet. Lower foreign currency revenue inflows from exports have caused a deficit in the state budget, exacerbated by the outflow of the currency as companies build new supply chains to buy more products from abroad. “At the same time, import volumes have recovered to 2020-21 levels,” he added. Analysts from Bank Saint-Petersburg also linked the weakening of the Russian currency to geopolitical factors and instability on global oil markets.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. The Russian ruble is as crucial to Vladimir Putin's regime as his war on Ukraine is, says Princeton scholar The Russian This is because the currency has been touted throughout Russian history as proof of national strength, the Russia scholar wrote in the "Against this historical backdrop, President Vladimir Putin's preoccupation with the ruble and the 'enemy currencies' is neither new nor surprising," she said. "In his speeches, Putin often ponders Western attempts to ruin the ruble and mocks their failure." Soon after the war's start in 2022, the ruble took a dive before capital controls in the country halted a further slide. Later that year, a strong rebound made the ruble the Putin's fixation on the ruble's strength stems from earlier Russian beliefs that the currency's standing signaled the country's geopolitical reputation, according to Pravilova. Often throughout history, the ruble was measured up against Western currencies, and Cold War propaganda routinely uplifted the ruble over the dollar as a show of strength, she noted. But with today's Ukraine conflict, the Kremlin can't hide how the ruble is trading against other currencies and has pointed out the benefits of a weaker exchange rate, such as the boost to oil exports and government revenue, Pravilova sa...

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