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Russian ruble tumbles to lowest level since April 2022

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BM.GE
07.04.23 15:27
290
The Russian ruble tumbled on Friday to its lowest levels against the dollar and the euro since April 2022, breaching 90 per euro amid a foreign currency crunch in Moscow and the sale of Western businesses in Russia.

The ruble tumbled 1.1% against the U.S. dollar to 82.28 by 0930 Moscow time, and fell 1% to 90.06 against the euro.

Traders said the ruble was under pressure due to a host of problems including the sale of Western assets to domestic investors, which stoked demand for dollars, while lower prices for oil in March cut export revenues.

The ruble is the third worst performing currency in the world, year to date, behind only the Egyptian pound and the Argentine peso, Nikkei reports.