Falling oil prices and fears about capital flight helped push the ruble to its weakest level against the dollar in a year on Monday, the latest milestone in...
Falling oil prices and fears about capital flight helped push the Russian ruble to its weakest level against the U.S. dollar in a year on Monday, the latest milestone in what has been a dramatic reversal of fortune for the currency.
The ruble showed surprising resilience against the U.S. dollar last year despite Russia’s invasion of Ukraine, with the dollar falling 2.7% against the Russian currency in 2022. On Monday, the U.S. dollar USDRUB rose 0.7% to 81.55 to log its highest level against the ruble since April 11, 2022, according to FactSet. That’s on top of the dollar’s 4.5% advance against the Russian currency from last week, its biggest weekly advance since September, according to FactSet.
Falling oil and gas prices are also depriving the Russian government of much-needed revenue, both Chandler and Brooks said. An aggregate forecast compiled by Bloomberg had called for the ruble to end this year at 80 to the dollar. That has also proved too optimistic.
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