icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
5 Jul, 2023 14:41

Russian currency drops close to landmark rate against euro

The ruble’s slide has been attributed to “increased geopolitical risks”
Russian currency drops close to landmark rate against euro

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.

For more stories on economy & finance visit RT's business section

Dear readers! Thank you for your vibrant engagement with our content and for sharing your points of view. Please note that we have switched to a new commenting system. To leave comments, you will need to register. We are working on some adjustments so if you have questions or suggestions feel free to send them to feedback@rttv.ru. Please check our commenting policy
Podcasts
0:00
24:14
0:00
26:51