On Wednesday, as concerns over sanctions on Russian oil and gas shook the market, the ruble (RUB) fell to its lowest point against the dollar since early May, passing the 70 mark. This brought the month’s losses to roughly 14%.
After reaching 70.7550 earlier today, the ruble was down 2.5% versus the dollar as of the North American session, trading at 70.60.
Meanwhile, the single currency had dropped 2.4% and was now trading at 75.22 against the euro (EUR), breaking through the 75 mark for the first time since late April. It dropped 2.1% against the yuan to 10.10, a level not seen in nearly seven months.
Ruble Loses Spot as Best-Performing Currency for 2022
The ruble has already fallen against the dollar by more than 8% this week and by almost 12% overall since a ceiling on Russian oil prices went into effect. It has now been surpassed by the Brazilian real as the best-performing major currency globally this year.
Among the less liquid currencies that have risen sharply this year are the dram of Armenia and the lari of Georgia. Since the start of the conflict in Ukraine, tens of thousands of Russians have fled to countries like Armenia and Georgia.
Capital controls and an early drop in imports as a result of Western sanctions over Russia’s activities in Ukraine this year have helped to boost the Russian ruble.
As Russia’s balance of payments has weakened, the currency has been catching up, according to Ziemba Insights founder Rachel Ziemba. “In recent months, Russian export revenues have fallen as it sharply reduced gas exports, and the EU oil embargo is limiting oil revenues.”
According to the Kommersant daily on Wednesday, which cited unnamed people with knowledge of the issue, Russian oil shipments decreased by 11% for the period of December 1 through 20 compared to the prior month.
You can purchase Lucky Block here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.