Russian rouble continues to fall, beating March 2022 records

The Russian rouble continues to fall, dropping below even the record lows of late March 2022 for the first time.

Source: Moscow Stock Exchange

As of 5 July, the euro surpassed the 99-rouble mark for the first time since 29 March 2022, and the dollar has almost reached 91 roubles.

Background:

• The rouble exchange rate had raised concern in Russia in the middle of June 2023 when both the euro and the dollar were growing stronger.
• But on 24 June, the day Wagner Group head Yevgeny Prigozhin announced his march on Moscow, the Russian banks raised exchange rates further: at most banks, the dollar surpassed 90 roubles and the euro 100 roubles.
• Claims about the likely start of a coup in Russia affected the share prices of major Russian companies.
• A few days after that, the rouble continued falling, returning to the exchange rate observed more than a year ago.
• The only time the situation has looked worse was in late February and early March 2022, when the Central Bank of Russia stopped trading on all markets of the Moscow Stock Exchange. The rate of the rouble against the dollar and the euro plummeted to record-breaking numbers, reaching 170 roubles and higher.

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