Russian ruble hits lowest level against dollar since March 2022 / Photo: Alexander NEMENOV - AFP/File
-
Greenland parliament approves security agreement with United States
-
Qatar Tourism joins Pacific Asia Travel Association at London travel market
-
Qatar envoy meets incoming UN General Assembly president
-
Abdul El-Sayed Wins Michigan Senate Seat in Historic Election
-
Trump Signals Willingness to Work With Democrats After Midterm Defeat
-
Qatar media bodies discuss support for humanitarian initiatives
-
Wedgewood Weddings Expands to Maryland With Grey Rock Mansion
-
Worksport Signs Term Sheet to Acquire U.S. Manufactured Truck Bed Accessory Business & Accompanying IP Portfolio
-
Jumia to Announce Third Quarter 2026 Results on November 18, 2026
-
First Canadian Graphite Inc. Closes Flow-Through Financing
-
Apollo Wellness Centers Releases Primer Video
-
RSI Welcomes The Orange County Comptroller's Office as Its Newest Government Premier Partner
-
InterContinental Hotels Group PLC Announces Transaction in Own Shares - November 04
-
Galloway accuser could not foresee publishing-sector fallout, lawyer argues
-
No. 22 UCLA defeats No. 5 Arizona 84-75 despite Kharchenkov's 38 points
-
New York City Center revives In the Heights as a timely community story
-
Vessel operator seeks witnesses after Vancouver grounding
-
Godzilla Minus Zero shifts focus toward postwar human drama
-
US Air Force deploys F-16 fighters to remote Aleutian base for readiness drill
-
Mehbooba Mufti urges dialogue and renewed Central Asia links for Kashmir
-
Bezos grant helps Seattle nonprofit move thousands of families toward housing
-
Seacliff Healthcare Seeks Specialist GP in Thirroul
-
Shrini Srivastava joins crew of Varanasi-Delhi Vande Bharat Sleeper service
-
US stocks fall before midterm Election Day as technology shares weaken
-
Nearly Half of Australian Workers Overqualified, Survey Finds
-
BLS Polymers makes strong market debut at ₹248 per share
-
RBI eases export-declaration compliance for individual service exporters
-
Petrol and diesel prices remain broadly steady across major Indian cities
-
India proposes more import entry points for drugs and medical devices
-
Reliance shares remain in focus after near-12% surge
-
Derek Tierney Outlines Ten-Year Strategy for National Digital Health System
-
2026 Arizona Midterms: Key Races, Ballot Measures, and Voter Deadlines
-
NBC’s Steve Kornacki Reveals Tech Habits Ahead of Midterm Elections
-
Coal India prepares possible $1 billion Mahanadi Coalfields listing
-
India and Israel oppose UN draft on regional conventional arms control
Russian ruble hits lowest level against dollar since March 2022
The Russian ruble slumped on Friday to its lowest level against the US dollar since March 2022, a day after Moscow fired a hypersonic missile on Ukraine and Washington sanctioned a key Russian bank.
The Russian currency has been highly volatile throughout Moscow's near three-year military offensive on Ukraine, reacting dramatically to developments on the battlefield and Western sanctions.
The central bank set its official exchange rate for the ruble at 102.58 against the US dollar, data published on its website showed, the lowest level since 24 March 2022, a month after the start of the conflict.
The latest lurch lower came hours after Russian President Vladimir Putin said Moscow had fired a new generation hypersonic missile at Ukraine.
The Kremlin leader implied the new missile was nuclear-capable and said Moscow saw the United States and its European allies as legitimate targets.
Threatening "decisive" retaliation to any further escalation, Putin said the Ukraine conflict had taken on "elements of a global character."
Analysts said the currency had been hit hard by the United States on Thursday announcing sanctions on Russian lender Gazprombank, widely used to handle Moscow's international energy payments.
"There is a significant risk that the weakening of the ruble will continue," said Yevgeny Kogan, a professor at Moscow's Higher School of Economics.
Sanctioned Russian banks cannot conduct any transactions that touch the US financial system in any way.
Such is the importance of access to the US that even non-Western banks and companies typically automatically halt deals with sanctioned entities.
"Eventually new international payment chains will be built, but until that process is completed, export revenues may temporarily decline. So the ruble is likely to depreciate in the coming months," Kogan added in a post on Telegram.
Before launching its full-scale offensive on Ukraine, the Russian currency traded at around 75-80 against the US dollar.
The official rate, set by the central bank and based on trading data, fell to a record low of 120 in March 2022, before starting to recover.
Russia's ability to redirect its crucial oil and gas exports away from Europe has provided support to the ruble throughout the conflict.
D.Johnson--AT
