Russian ruble continues to decline, hit its lowest level
(MENAFN) On Wednesday, the Russian ruble continued to decline and hit its lowest level versus the United States dollar and the euro since late May.
At 63.90, the ruble was down 4.5 percent versus the dollar from its previous high of 64.95, its lowest level since May 30. In terms of the euro, it fell by 3.5 percent, hitting a five-week low.
The ruble rose to seven-year highs versus the main currencies a week ago, but it has since fallen more than 20 percent due to worries that its strength is hurting Russia's ability to export products and goods with a value in dollars and euros.
According to experts, if the ruble's three-day decline persists, it may reduce pressure on the Central Bank of Russia to lower interest rates and loosen capital controls in order to keep currency trading within the desired range. The Russian budget, which receives significant funds from energy taxes denominated in foreign currencies but spends them in rubles, may suffer from a strong currency.
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