The weakening of the ruble is associated with a reduction in the supply of foreign currency by exporters and a parallel increase in demand for it from importers.
The Russian ruble is trading at 90.30 to the US dollar, its lowest level since late May, The Telegraph reports.
According to LSEG, the ruble weakened by 1.9% during the day, having lost 6% since the start of Ukraine’s largest invasion of Russian territory.
The ruble also ended last week with a strong weakening of its positions against the world’s leading currencies. On Friday, August 9, in the over-the-counter market, the exchange rate of the American currency was 86.90 rubles/$, which is about 1.3 rubles. higher than at the end of last week.
The weakening of the ruble is associated with a reduction in the supply of foreign currency by exporters with a simultaneous increase in demand for it from importers.
As you know, by the end of 2023, Russia’s budget deficit will be 3.24 trillion rubles, or 1.9% of the country’s GDP. This is almost twice as bad as the figure predicted by Putin.
Source: korrespondent
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