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Russia’s central bank announced it will hold an emergency meeting Tuesday to review its key interest rate, opening the possibility of an increase in borrowing costs that would support the flagging ruble
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The Russian ruble slid past 100 against the dollar Monday, its lowest level since late March 2022, just weeks after Moscow launched its full-scale invasion of Ukraine. The ruble has shed around 30% of its value against the dollar since the beginning of the year, as Russia imports more and exports less. Data from the Moscow Exchange showed the ruble trading at 101.01 to the dollar at 11:33 am local time, while it tumbled to a near 17-month low of 110.73 against the euro. The ruble could sink further to 115-120 per dollar, Alor Broker analyst Alexei Antonov warned in a note published by fi...
On Monday, the Russian currency passed 101 rubles to the dollar, continuing a more than 25% decline in its value since the beginning of the year.
The currency weakened as far as 102 to the dollar, adding to concerns of inflation and prompting the Russian Central Bank to move quickly to consider raising rates.