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The Russian ruble grappled with a seesaw of gains and losses on Tuesday as the nation’s central bank executed a surprise maneuver to counter the currency’s freefall. The central bank’s unexpected decision to hike interest rates by a substantial 350 basis points, pushing them to an eye-catching 12%, unfolded as a strategic move to rein in the mounting currency losses.
While market watchers had braced themselves for such a measure after the emergency meeting was called, the actual impact was still felt.
Behind this extraordinary rate adjustment lies the recent disheartening tumble of the ruble, as it briefly slid past the critical 100 threshold against the dollar for the first time in 15 months. This unnerving drop raised eyebrows and invited critique from none other than the Kremlin itself, pointing fingers at the central bank’s loose monetary policies.
The Kremlin attributed the ruble’s vulnerability to these policies, which were further exacerbated by the persistent Western sanctions and the escalating outlays on military endeavors, ultimately casting a shadow on Russia’s trade balance.
Russian Ruble Slides Across the Board
As of press time, the ruble continues to showcase its resilience, grappling with a 0.44% drop against the dollar and resting at 98.93 per dollar. This came on the heels of a disconcerting dive to nearly 102.35 just yesterday. However, the ruble’s inherent volatility came alive once again as it embarked on a wild ride and momentarily flirted with 94.98 earlier today, fueled by the market’s rapid response to the central bank’s unanticipated intervention.
Parallel patterns emerged against other major currencies too, with a 0.84% slide against the euro, settling at 108.31, and a 0.2% descent against the yuan, sitting at 13.58.
The ruble’s trajectory has been nothing short of turbulent since Russia’s controversial engagement in Ukraine in February 2022. Following the invasion, the ruble plummeted to a record low of 120 against the dollar, only to stage a remarkable recovery to a seven-year peak, bolstered by rigorous capital controls and a commendable surge in export earnings.
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