Russian ruble falls as Moscow Exchange opens Tuesday

On the Moscow Exchange, the rates for both the dollar and the euro saw significant increases as trading commenced on December 5. The euro’s exchange rate climbed above the 99-ruble mark for the first time since November 7. As of 9:30 a.m. Moscow time, the dollar had risen by over 50 kopecks, reaching 91.48 rubles.

The ruble’s value has decreased significantly over the past few months amidst Russia’s ongoing full-scale invasion of Ukraine and Western sanctions imposed against Russia due to the war. The Bank of Russia has implemented several measures to support the national currency, including raising the key interest rate. However, these measures have not significantly slowed the ruble’s decline.