The depreciation of the Russian currency continued on Friday, hitting its new low in 16 months, despite the short-lived optimism following the Bank of Russia decision to halt purchases of foreign currencies until the end of the year, with the effort of reducing financial market volatility.
According to the July data, exports from Russia declined by 38%, while imports to the country jumped 18.2%, seemingly fueling the weakening of the ruble.
At 5:07 pm CET, The US dollar surged 1.91% against the ruble to 99.02443. The euro jumped 1.71% against its Russian counterpart, changing hands for 107.0068. Both currencies reached its fresh highs since March 2022.
