Russian ruble plunges to 18-month low against US dollar
Dollar/ruble parity surpasses 102 during Monday's trading
MOSCOW
Russian ruble plunged to a 18-month low against US dollar on Monday, exceeding 102 level.
According to data from the Moscow stock exchange, the ruble lost 1.7% to 102.1 per dollar, the lowest since March 2022.
Analysts said the fall was led by the ongoing Russia-Ukraine war besides the escalating conflict between Palestinian resistance group Hamas and Israel.
The ruble has decreased 40% since the beginning of 2023 amid a stronger dollar and unbalanced trade flows.
In September, Russia’s central bank hiked its key interest rate by 100 basis points to 13% to reduce the inflationary pressure on the economy.
In August, the Bank of Russia held an “unscheduled key rate meeting” and raised it by 350 basis points to 12% to support weakening ruble.
