The ruble, Russia's local currency, faced significant fluctuations in recent trading sessions, dropping to its lowest level in 10 months against the dollar. This decline was primarily triggered by the unexpected attack launched by Ukraine on the Russian Kursk region, which raised concerns about economic stability in the region. However, after hitting a low of 96.60, the ruble managed to stabilize at 90.99 against the dollar.
According to data from the London Stock Exchange Group, the ruble has experienced a 6.2% depreciation since the onset of the Ukrainian attack on August 6. This volatility in the currency market has been exacerbated by the shift of major currency trading to the over-the-counter market, following the imposition of Western sanctions on the Moscow Stock Exchange earlier this year.
In light of these developments, the Central Bank of Russia has set the official exchange rate at 92.65 against the dollar, reflecting a 3% increase from the previous day. Despite support from rising oil prices and increased yuan sales from the central bank, the ruble continues to face pressure against both the dollar and the euro. As of the latest trading, it has weakened to 12.07 against the yuan and 99.70 against the euro.
