Rouble falls past 100 per US dollar, first in more than a year
The dollar exchange rate on the Moscow stock exchange in Russia exceeded RUB 100 on Monday, for the first time since March 2022.
The fall of the rouble — already among the three weakest currencies in the world — is due to a reduction in Russia’s current account surplus.
Due to imbalances in foreign trade, Moscow receives less currency than before amid growing domestic demand.
The decline in Russia’s foreign exchange earnings is due to both a decrease in the physical volume of exports and a deterioration in prices for key Russian goods.
At the same time, the deficit in the balance of foreign trade in services widened, in part due to the increased number of foreign trips by Russian citizens in connection with the start of the tourist season.
Since early August, the Russian currency has already lost more than 7 percent of its value against the dollar and the euro, and a third since the start of the year.
In June, the current account of the Russian balance of payments became negative for the first time in three years, reaching USD 1.4 billion.
