Russian Ruble Plummets to Record Low

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Viva Budy Kusnandar 08/03/2022 09:50 WIB

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According to Yahoo Finance data, the ruble exchange rate closed down 20.82% to US$0.0077 on March 7, 2022. This represents the lowest level ever recorded for the Russian currency.

US Dollar to Russian Ruble Exchange Rate (January 2, 2001 – March 7, 2022)

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US Dollar to Russian Ruble Exchange Rate (January 2, 2001 – March 7, 2022)

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Western sanctions against Russia for invading Ukraine have severely impacted the ruble. The Russian currency has plummeted to its lowest level in 20 years.

According to Yahoo Finance data, the ruble closed 20.82% weaker at US$0.0077 on March 7, 2022. This represents the Russian currency's lowest level against the US dollar.

Uncertainty surrounding the Russian economy has led financial market players to divest from ruble-denominated assets, shifting their funds to the US dollar, considered safer under the current circumstances.

The freezing of Russian foreign exchange reserves by Western countries and the ban on imports of oil and other commodities have further devalued the ruble against the US dollar, pushing it to its lowest level.

Russia's isolation due to various Western sanctions means its economy will become reliant on its domestic economy. As is known, Russia is a major exporter of energy and other commodities to Europe.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."