Sanctions are working. Initially after the start of Ukraine, Russian central bank was able to stabilize the Ruble by selling foreign currencies, but not anymore. Both reduced demand for their oil and gas along with international sanctions affecting imports are taking their toll. Looking at the bright side, India and China will buy oil at even more discounted pricing while Iran may have to drop their price on Scuds. From about 60 Rubles to the USD in January this year, its now 101 Rubles to one USD.
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Earlier on Monday, the rouble was 101.04 per US dollar. The more roubles per dollar means the currency is weakening, as it will take more of it to buy one US dollar, which is typically seen as the most powerful currency in the world.
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https://www.bbc.com/news/business-66496736
08-14-2023, 11:52 AM
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