Russian currency falls to March 2022 lows
The Russian ruble has plummeted to its lowest values since early 2022: the U.S. dollar, euro, and Chinese yuan continue to ascend to record highs on the Moscow exchange, as of Aug. 4.
According to Russian news agency Interfax, the U.S. dollar and euro have risen to RUB 95 and RUB 104 respectively, a rate not seen since March of 2022. The Chinese yuan has reached its April 2022 levels.
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“On Thursday's morning session, the dollar attempted to decline, but owing to the actions of key players, it once again embarked on an upward trajectory, shattering all local support levels...,” said Yegor Zhilnikov, the chief analyst of Russia’s Promsvyazbank.
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“We fear the dollar may end this week's trading in the RUB 95-96 range. We are hopeful, however, that the U.S. currency's surge will be softened by a favorable situation in the oil market.”
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As of noon on Aug. 4, Moscow time, the U.S. dollar exchange rate was RUB 94.94 /$1, marking a RUB 4.75 drop compared to the closing level of the previous session. Earlier, the dollar had appreciated to RUB 95. The euro was valued at 103.91 RUB/EUR1. The value of the currency basket (consisting of 0.55 dollars and 0.45 euros) rose to RUB 98.98.
The exchange rate of the Chinese yuan grew to RUB 13.182. The yuan was last observed at this level on April 11, 2022.
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