The dollar exchange rate on the Moscow Stock Exchange exceeded 100 rubles for the first time since March 23, 2022. The euro is now worth about 110 rubles in Russia.
The Russian Interfax writes about it.
Experts there say that the ruble is weakening because not enough currency is flowing into the domestic market due to a reduction in export earnings. At the same time, importers and big business create demand for dollars.
The dollar in the Russian Federation reached its historical maximum on March 10, 2022, when the exchange rate was at 121.5 rubles.
- In April 2023, the ruble rate fell to a one-year low, despite rising oil prices. The reasons were the lack of currency, the withdrawal of Western businesses from Russia, a decrease in export earnings, and the end of the tax period.