Russian ruble reached its lowest level against the US dollar in more than two years

August 14, 2018 10:58 amComments Off on Russian ruble reached its lowest level against the US dollar in more than two yearsViews: 22

The Russian ruble reached its lowest level against the US dollar in more than two years, affected by the continuing pressure on emerging markets because of the economic situation in Turkey. The Russian Central Bank could not helped despite that stopped the purchase of foreign money for its reserves.

On Monday morning, the ruble fell to 68.66 rubles per dollar, which is unprecedented level since April 2016. Later, it managed to recover some of its losses to a level of 68.11 rubles per dollar.

Russian currency also declined against the euro to a value of 78.15 rubles per euro, which was not reached since April this year. Later recovered slightly its positions against the European currency.

The currency is under pressure due to the decline in one of the other currencies of a developing economy – the Turkish lira, which also recorded a record decline on Monday.

Russian money began its downturn last week after the US announced new sanctions against Moscow in connection with the attack on former Russian double agent Sergei Skripal in the UK. Since then, the ruble has lost nearly 7% of its value – the strongest weekly decline since December 2014.

The Russian currency was backed by data from the central bank, according to which the financial institution did not buy foreign currency on behalf of the Treasury Department of Finance on August 9th.

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