Ruble slides further against euro

The Russian ruble dropped almost 2% against the euro during trading on the Moscow exchange on Wednesday, reaching its lowest point since March 2022. 

The currency was trading at 103 rubles to the euro, exchange data showed. The ruble also slid beyond 94 to the dollar.

Experts polled by business daily RBK said the ruble’s fall was largely due to the end of the tax period and high demand for foreign currency.

“At the end of the month, exporters sell forex earnings to pay taxes, and this supports the ruble. And when this period ends (usually on the 28th of each month), the ruble traditionally weakens,” analysts at Alfa Investments told the outlet.

Meanwhile, Renaissance Capital experts said they believe there is room to support the ruble, both due to the increase in oil prices, and due to an expected slowdown in demand for imports.

Russia’s central bank stated recently that the ruble depreciation was the result of changes in the balance of trade. It said the weakening of the national currency poses no threat to Russia’s financial stability.

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