The Russian ruble continues to weaken rapidly after the tightening of US financial sanctions.
As of November 26, the Bank of Russia increased the official US dollar exchange rate by 1.2147 rubles, to 103.7908 rubles. This is the maximum amount since March 24, 2022, RosSMI reports.
The Moscow Times writes that the ruble continues to weaken rapidly on the Moscow Exchange and the Forex market after the tightening of American financial sanctions, which include 50 Russian banks, including state-owned Gazprombank .
At the auction on Monday, November 25, the yuan exchange rate against the ruble set a record for the second consecutive day since March 2022. Having added almost 3% in some hours of the exchange session, the yuan approached 14.49 ruble mark, and since the beginning of November it has increased in price by 7%.
The exchange rate of the dollar against the ruble on Forex rose to 104.32 rubles and almost repeated the 2.5-year maximum shown in Friday’s trade. The euro exceeded 109 rubles for the first time since August 2023.
Following the ruble, Russian stocks continue to fall, and the Moscow Exchange index, which has lost nearly 10% in two weeks, remains near its lowest since May 2023.
The weakness of the ruble is the result of the increase in sanctions. The restrictions affected those banks responsible for attracting foreign currency to Russia. The main target of the US Treasury is Gazprombank, the last of the large state-owned banks that maintains access to the SWIFT system and the American financial system.
According to experts, Russia has a shortage of foreign currency, which is superimposed on the surplus of rubles, because the budget traditionally increases spending at the end of the year. The dollar is predicted to rise to 110 rubles in December. Businesses are starting to include higher rates in their budgets – 115-120 rubles per dollar.
We remind you that on November 19, the official dollar exchange rate exceeded 100 rubles. The Russian ruble fell to its lowest level since March 2022 after new US sanctions against Russian banks.
Source: korrespondent
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