Russian ruble

The Russian ruble has experienced a significant decline, reaching its lowest value against the U.S. dollar since the early days of Russia's invasion of Ukraine. As of this week, the ruble fell to 110 per dollar, marking its worst performance since March 2022.

The Russian ruble's wobble in value has exposed a crack in President Vladimir Putin's fortress economy, a vulnerability quickly plastered over by the Kremlin's economic team in a move that allowed the currency to regain its footing, at least for now.

Russia's central bank yesterday raised its key interest rate by 3.5 percent, a move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine.

The decision was announced after an emergency meeting of the bank's board of directors was called a day earlier as the ruble declined.

The Russian ruble reached a two-year high against the dollar and the euro today, mostly due to strict capital controls in the country and despite the announced next package of EU sanctions, Reuters reported, quoted by BTA.

In morning trading, the ruble rose 0.7 percent against the dollar to 68.62 rubles, its strongest position since June 2020.

The ruble will be introduced in the Russian-controlled Kherson region of Ukraine on May 1, a spokesman for the region's pro-Russian military-civil administration said.

The Russian airline Aeroflot has announced that it will suspend all flights to Europe as of today. The decision comes after the European Union closed its airspace to all aircraft registered in Russia. Among the latest measures taken by the European Union over Russia's invasion of Ukraine is the freezing of Russian central bank assets and the suspension of transactions with it.

The Russian ruble has collapsed by nearly 30% against the dollar following the entry into force of new tough sanctions against Russia.

Turkey and Russia signed an agreement to increase the use of local currencies -- Turkish Lira and Russian Ruble -- in bilateral trade, the Russian Finance Ministry announced on Oct. 8.

MOSCOW (AP) — Russia's prime minister sternly warned the United States on Friday against ramping up sanctions, saying that Moscow will retaliate with economic, political and unspecified "other" means.

The Russian rouble and the Turkish Lira became the worst performing emerging market currencies on April 10, with the lira again hitting record lows.