The Russian currency sank again on Tuesday and was trading at more than 100 rubles per dollar, despite the central bank’s efforts to curb inflation and the decline of the national currency.
The ruble, under the impact of international sanctions due to the offensive in Ukraine, has been on the floor for months, which has a negative effect on the purchasing power of the population.
On the Moscow Stock Exchange, at 07:03 local time (0403 GMT), one dollar was worth 100.11 rubles and one euro was worth 104.65 rubles.
The Russian currency then rose slightly during the day, but was still above 99 rubles to a dollar and close to 104 to a euro.
This is the most significant drop in the currency since mid-August, when it exceeded 100 rubles per dollar, the first time this had happened since March 2022, shortly after the start of the offensive in Ukraine.
“There is no reason to worry,” however, Kremlin spokesman Dmitri Peskov told reporters.
“There are fluctuations, but we all live in the ruble zone, and therefore paying too much attention to the exchange rate with the dollar is a thing of the past,” Peskov added.
The Central Bank of Russia (BCR) raised its main rate from 8.5% to 12% in August, following criticism from a Kremlin advisor for its “soft monetary policy.”
In mid-September, the guideline rate rose again to reach 13%.