The Russian Ruble Declines to Two-Year Low Against the US Dollar
The Russian ruble fell to its lowest value since the start of the War in Ukraine, when NATO-led sanctions were introduced as a response to Putin’s full-scale invasion, currently standing at 107 rupees per US dollar as of Tuesday. Market specialists attribute the decline of around 20% compared with the start of November of this year to intensified sanctions, a business movement away from Russia and inflationary pressures.
On August 21, The financial department of the White nation announced sanctions on hundreds dozen Russian banks, incorporating many that were used on exchange payments. This motion weakened the ruble on one side, and led banks to increase their profit amounts, which will end soon.
