The decline has been linked to the demand-supply disbalance and the end of the tax period
The Russian ruble has continued this week’s slide, dropping over 2% against the euro during trading on the Moscow exchange on Friday.
The currency was trading at 106 rubles to the euro for the first time since March 2022, exchange data showed. The ruble also declined to 96 to the US dollar.
Analysts have attributed the ruble’s fall largely to the end of the tax period and the disbalance between demand and supply.
“Today, the ruble continues to weaken, although, in general, it still has the potential for strengthening against the backdrop of an improved situation on the oil market,” analysts quoted by Interfax stated.
The Russian central bank has also indicated that the ruble’s depreciation is the result of changes in the balance of trade. It assured everyone that the weakening of the national currency posed no threat to Russia’s financial stability.
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August 04, 2023 at 08:40PM