Russian Rouble Falls Past Key 100 Per Dollar Mark But Recovers Slightly Due to Rate Hikes

The Russian rouble weakened past 100 to the dollar before recovering slightly, weighed down by foreign currency outflows and shrinking current account surplus.
The rouble's tumble into triple digits in August led to emergency rate hike by the central bank to 12% and discussions on capital controls.
Crossing 100 is seen as an important psychological barrier for the rouble.
The central bank has raised rates multiple times recently to combat inflationary pressure.
Falling exports and recovery in imports have caused the rouble to weaken as the current account surplus shrank 86% in January-August.

reuters.com

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9/28/2023

Russian Ruble in Free Fall as Central Bank and Finance Ministry Clash Over Inflation

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Ruble Slides Past 100 Against Dollar Again as Russia's Economy Falters Amid War

The Russian ruble briefly fell past 100 against the dollar, indicating weaker spending power for Russians due to slower economic growth and higher inflation amidst the war in Ukraine.

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Russian Rouble Slides Past Key Benchmark, Underscoring Economic Uncertainty

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Putin Orders Exporters to Sell Foreign Currency, Strengthening Rouble Against Dollar

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Russia Reimposes Capital Controls to Prop Up Rouble

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10/27/2023

Rouble Strengthens on Rate Hike and Exporter FX Sales But Inflation Concerns Remain

The Russian rouble surged to a six-week high against the dollar after the Bank of Russia unexpectedly raised interest rates to 15% and exporters increased foreign currency sales.

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Posted 10/3/2023, 8:58:00 AM

Russian Rouble Falls Past Key 100 Per Dollar Mark But Recovers Slightly Due to Rate Hikes

The Russian rouble weakened past 100 to the dollar before recovering slightly, weighed down by foreign currency outflows and shrinking current account surplus.
The rouble's tumble into triple digits in August led to emergency rate hike by the central bank to 12% and discussions on capital controls.
Crossing 100 is seen as an important psychological barrier for the rouble.
The central bank has raised rates multiple times recently to combat inflationary pressure.
Falling exports and recovery in imports have caused the rouble to weaken as the current account surplus shrank 86% in January-August.

reuters.com

Relevant topic timeline:

9/28/2023

Russian Ruble in Free Fall as Central Bank and Finance Ministry Clash Over Inflation

The Russian rouble's decline is causing tensions between the central bank and finance ministry, as inflation rises and growth slows, threatening the country's ability to wage war effectively.

10/3/2023

Ruble Slides Past 100 Against Dollar Again as Russia's Economy Falters Amid War

The Russian ruble briefly fell past 100 against the dollar, indicating weaker spending power for Russians due to slower economic growth and higher inflation amidst the war in Ukraine.

10/3/2023

Russian Rouble Slides Past Key Benchmark, Underscoring Economic Uncertainty

10/12/2023

Putin Orders Exporters to Sell Foreign Currency, Strengthening Rouble Against Dollar

10/12/2023

Russia Reimposes Capital Controls to Prop Up Rouble

10/27/2023

Rouble Strengthens on Rate Hike and Exporter FX Sales But Inflation Concerns Remain

The Russian rouble surged to a six-week high against the dollar after the Bank of Russia unexpectedly raised interest rates to 15% and exporters increased foreign currency sales.