The ruble’s slide has been attributed to “increased geopolitical risks”
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The Russian ruble fell over 2% against the euro on the Moscow Exchange during trade on Wednesday, reaching its lowest point since late March 2022.
The currency was trading at 99.1 rubles to the euro at 15:49 Moscow time, according to exchange data. The US dollar traded at nearly 91 rubles, also the lowest level since March 2022.
Experts polled by business daily RBK said that the ruble was weakened by “increased geopolitical risks” and high demand for foreign currency.
According to Russia’s Central Bank, the ruble depreciation is due to changes in the balance of trade. The Bank’s First Deputy Chairman Ksenia Yudaeva said on Tuesday that this year’s current balance was significantly lower than last year’s, mainly because of lower export revenues and lower commodity prices. The latest weakening of the national currency poses no threat to Russia’s financial stability, she added.
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