The value of the rouble has experienced a great plunge in the latest trading session. According to many analysts, it is the worst plunge the rouble price has hit in the year 2022.
Lowest Value since May
However, a closer look at the data for the rouble suggests that the trading value of the rouble has hit its lowest value since May.
The value of the rouble reportedly fell past the 70 rouble figure per dollar in the Wednesday trading session. The data shows that the Russian currency has continued to face several dips throughout the year.
The demise came to the rubble against the dollar due to the ongoing sanctions that have been implemented by the EU over Russia’s gas and oil.
Although the government of Russia is showing no signs of weakening, it is the business and exports sector that is freaked out at the moment.
They are highly concerned about the sanctions growing tighter on the country’s exports and imports. The country’s business has been badly impacted due to the sanctions growing stricter.
As the situation is constantly moving south for the Russian businesses and economy since the beginning of December, the value of the rouble has dropped 14% in the same period.
Although the country has an abundance of gas and oil it is being sanctioned by the European Union and the United States.
Russian Rouble’s 2.5% Dip
In the latest trading session, the trading price of the rouble suffered a major pullback against the dollar’s price. The data shows that the value of the rouble has declined by 2.5% versus the dollar.
After hitting the lower trading level at 70.7550, the Russian currency experienced a slight push. This brought the value of the asset up to a high of 70.60.
The rouble has also experienced almost a similar dip against the euro. The price analysis shows that the value of the Russian currency has recorded a 2.4% dip.
After the dip, the rouble is down to 75.22 versus the euro. This is for the first time since April that the value of the rouble has crossed the 75 threshold against the value of the euro.
The Russian currency has not performed even against the Chinese yuan in the latest trading session. The currency has reportedly lost 2.1% value against the yuan.
After the dip, the rouble now trades at a low of 10.10 against the yuan. This is another seventh-month low trading level the currency has hit against the yuan.
In the running week so far, the value of the rouble has dipped over 8% against the trading value of the greenback.
Russia is troubled due to the Oil Cap
Ever since the EU sanctioned a cap on the oil exports of the country, the trading value of the rouble has dipped more than 12% against the dollar.
Due to the recent developments in the political and diplomatic grounds as well as the sanctions, the Russian currency has taken a huge negative hit.
The country has been forced to give away its spot as one of the top-performing currencies delivering the best performance. The Brazilian real has now taken the spot lost by the Russian rouble.
The Georgian lari and the Armenian dram are the currencies that have demonstrated the lowest gains throughout the year.
Ever since the Russian and Ukrainian conflict has begun, thousands of Russians have fled to Georgia and Armenia to get away from sanctions.
They are also moving to these countries to get away from all other troubles and be stamped as citizens of a violent country.
Ever since the country has been hit with sanctions, it has been going through multiple strategies and tactics to stop its economy from crashing.
The Russian government is keeping the price of the rouble under control following the implementation of capital controls.
