Ruble Plunges as Failed Mutiny Shakes Russia's Currency
TL;DR Summary
Russia's ruble has fallen further against the dollar, reaching around 91 per US dollar after the failed mutiny attempt by Wagner mercenaries. This drop has pushed the ruble beyond its optimal value range of 80-90 per US dollar. The ruble has been one of the worst-performing currencies in 2023, down 21% from January levels, due to sanctions, economic headwinds from the invasion of Ukraine, and concerns about Western trade restrictions. Retail deposits in other currencies have increased, and the Kremlin has turned to China's yuan to cover falling energy revenues.
- Russia's ruble blows through 'comfort zone' after failed mutiny Markets Insider
- Mutiny Aftermath Jolts Ruble as $43.5 Billion Outflow Takes Toll Yahoo Finance
- The Russian ruble just blew through its 'comfort zone' as the currency weakens in the aftermath of failed muti Business Insider India
- View Full Coverage on Google News
Reading Insights
Total Reads
0
Unique Readers
11
Time Saved
1 min
vs 2 min read
Condensed
70%
303 → 90 words
Want the full story? Read the original article
Read on Markets Insider