Stay updated with breaking news from Ruble. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
MOSCOW: The Russian central bank said it would meet on Tuesday to discuss its key rate, after the ruble slid past 100 against the dollar on Monday, its lowest level in over 16 months.
With the third-largest interest rate increase in a decade to shore up the ruble, Moscow’s policymakers are pursuing the conflicting goals of paying for the war against Ukraine and taming inflation.
It marks the first time the Russian ruble has fallen below the threshold since it recovered from an all time low just after Moscow launched its invasion of Ukraine.
The ruble has shed around 30 percent of its value against the dollar since the beginning of the year, as the country imports more and exports less.
The ruble hit a 17-month low against the dollar Monday, highlighting the growing squeeze on Russia’s economy from Western sanctions and a slump in export revenues.