Russian Ruble Plunges to 10-Month Low Against the Dollar

Moscow, August 13 – The Russian ruble continued its decline on Tuesday, briefly hitting a 10-month low against the US dollar, as markets reacted to last week’s unexpected incursion by the Ukrainian military into Russia’s Kursk region. The news was reported by Reuters, as noted by FFN.

During Tuesday’s trading, the ruble temporarily dropped to 96.60 RUB/USD, marking its lowest level since October 20, 2023. Later, the ruble recovered some of its losses, stabilizing at 90.99 rubles per dollar by 5 PM CET. Since the start of the Ukrainian offensive on August 6, the ruble has lost 6.2% of its value.

The official exchange rate set by the Russian Central Bank for Wednesday, August 14, was 92.65 rubles per dollar.

The ruble also weakened against the Chinese yuan, which has become the most traded foreign currency in Moscow. By 5 PM CET, the ruble had fallen 1.3% to 12.07 rubles per yuan, after touching 12.11 RUB/CNY earlier in the day, its lowest level since June 24.

Against the euro, the ruble declined by 0.2% to 99.70 rubles per euro, while the Central Bank’s official rate was set at 96.69 rubles per euro.

Analysts predict that the ruble’s depreciation against the dollar will continue despite the support from higher oil prices.

Tables: Key Exchange Rates for the Russian Ruble

Ruble vs. Major Currencies (As of August 13, 2024)