Russia’s currency weakened as much as 0.5% to 100.255 against the greenback, before trading at 99.94 as of 7:22 a.m. in Moscow on Tuesday.
The rouble depreciated near 100 per dollar again, briefly crossing an important psychological mark for Russian consumers and the government after past efforts by policymakers failed to arrest the currency’s decline.
Disputes between the Kremlin and the central bank over the best way to strengthen the rouble have spilled into the open. August’s rate hike was the steepest since the immediate aftermath of Russia’s February 2022 invasion of Ukraine. While it’s had limited impact so far, the rouble would have been much weaker without the increase, Nabiullina said at the Moscow Financial Forum last week.
But the rouble has continued to decline as demand for hard currency in Russia increases amid a recovery in imports at a time when the economy is under international sanctions over the war. Russia’s major exporters, the main providers of foreign currency, have experienced significant declines in export revenues at the same time. ADVERTISEMENT CONTINUE READING BELOW
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