Russian rouble hovering around 100 to U.S. dollar
October 4, 2023 - The Russian rouble briefly weakened to the symbolic threshold of 100 to the dollar in recent trading, amid concerns of high military spending, labour shortages and a worsening trade balance.
The Russian rouble briefly weakened to a notable exchange rate of 100 to the dollar on October 3, forcing the Kremlin to state there was no need for concern.
The last time Russia’s currency fell that low was in August, leading the Bank of Russia to sharply raise interest rates to 12% and then again in September to 13%.
The rouble has followed a roller-coaster path since Russia invaded Ukraine in February 2022, slumping to a record low of 139 against the dollar in March 2022, before recovering to a more than seven-year high a few months later.
However, since the start of 2023, the rouble has been steadily falling as Western sanctions bite – adding to concerns of high military spending, labour shortages and a worsening trade balance.