19 March 2024, Tuesday, 17:01
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Euro tops 100 Russian rubles, dollar hits 80 rubles

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Euro tops 100 Russian rubles, dollar hits 80 rubles

The ruble continues to nosedive, falling below 100 rubles/EUR1 and 80 rubles/$1 before falling back slightly.

The euro was up 21.86 rubles from yesterday's closing to 100.74 rubles/EUR1 by 3:13 p.m. and the dollar was up 15.65 rubles to 80.1 rubles/$1. By that moment, the dollar had strengthened by 27.6 rubles or 52% over the last seven trading days and the euro had gone up 36.1 rubles or 56%. The dollar had more than doubled in value against the ruble and the euro had almost doubled.

But the currencies started to retreat after a few minutes: the dollar was down to 77 rubles and the euro had fallen back to 98-99 rubles.

The ruble is plummeting due to a number of factors, such as oil prices and fears that currency controls will be imposed. Many experts are talking about the threat of the printing presses being turned on.

But Central Bank Governor Elvira Nabiullina said in an interview with the Russia 24 TV channel that no administrative restrictions on the currency market were being planned. She said also that the ruble was fundamentally undervalued and but that it would need time to find its equilibrium.

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