Russia reports significant weakening of the ruble

During the trading session on the Moscow Exchange on October 9, the exchange rate of the ruble broke a multi-month record by decreasing to 102.34 per U.S. dollar, according to the platform’s data.

At the time of publication, one U.S. dollar cost 102.08 rubles, which is 1.68 rubles or 1.6% higher than during the session on October 6. The last time the Russian ruble’s value dropped significantly was August 14, when the ruble exchange rate declined to 101.57 rubles per USD. The current exchange rate of the ruble is the lowest figure since March 2022, when Western countries imposed an unprecedented number of sanctions against Russia, including its financial sector.

At the same time, one euro is currently traded for 107.3 rubles, which is 1.53 rubles or 1% lower than the exchange rate on October 6. The last time the ruble was so weak against the euro was August 14, when the common European currency was traded for 111.41 rubles.

In contrast, the exchange rate of the tenge against the dollar and euro rose by 0.08% (to 478 tenge per dollar) and 0.5% (to 502.55 tenge per euro), and by 0.8% (to 4.72 tenge) against the ruble.

In late September and early October, the exchange rate of the tenge decreased despite surging oil prices that, of course, raised many questions among analytics. At the time, the National Bank said that fluctuations in oil prices affect the exchange rate of the tenge with a delay of two to three months.