If they don’t save it, I’m sure they’ll take a tumble as well.
This is the best summary I could come up with:
Russia’s Central Bank announced it will hold an extraordinary meeting on Tuesday after the rouble reached its lowest value in almost 17 months on Monday morning.
As Moscow increases military spending and Western sanctions weigh on its energy exports, the currency dropped below the psychologically important level of 100 to the US dollar.
However, it did rise back to above the mark after the bank’s announcement it would review its key interest rate, raising the likelihood of an increase in borrowing costs that would support the flagging rouble.
The meeting was set after President Vladimir Putin’s economic advisor, Maksim Oreshkin, blamed the weak rouble on “loose monetary policy” in an op-ed Monday for state news agency Tass.
He said a strong rouble was in the interests of the Russian economy and that a weak currency “complicates economic restructuring and negatively affects people’s real incomes”.
To help lessen that prospect, the Central Bank said last week it would stop buying foreign currency on the domestic market until the end of the year to try to prop up the rouble and reduce volatility.
I’m a bot and I’m open source!
It’s been worse. What did they do back in March 2022 to make it gain value? https://www.xe.com/currencycharts/?from=RUB&to=USD&view=5Y
They pulled a bunch of emergency levers then to stabilize the ruble (and the economy as a whole). Thing is, emergency levers are emergency levers. You can’t just keep pulling them. It’s been predicted for a while that Russia would not be able to prop up its economy forever.
deleted by creator
As Moscow increases military spending and Western sanctions weigh on its energy exports, the currency dropped below the psychologically important level of 100 to the US dollar.
there are many currencies that go well below 100 per dollar; i wonder why this is a marker of any kind.
It’s purely psychological and only of note to those that regularly convert between the ruble and USD. That doesn’t mean it isn’t unimportant though - many Russians may now change their behavior (like buying foreign currency ASAP, which can further weaken their currency).
Inter-country commerce is often done in US currency if ones own currency is extremely volatile. Nothing worse than trading in something else and before you convert to your local currency the value drops out.
