Ruble Slips Below 100 vs. US Dollar

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Ruble Slips Below 100 vs. US Dollar

Ruble Slips Below 100 vs. US Dollar

As NATO nations impose more sanctions against  for its ongoing invasion of e; the n economy is beginning to suffer. The n Ruble has been falling in value over the last few days, and it hit a new low today.

The Rouble had crossed the hundred mark against the US Dollar in the previous two days, but it fell below 115 today. It means that the n Ruble is now worth less than a US cent. The Ruble had been hovering around 70 for the previous two years before n President Vladimir Putin launched his invasion of e. It did, however, begin to rise sharply in the last week of February. Since the beginning of ’s invasion of e, the Ruble has fallen against the US dollar and the Euro daily.

The n financial sector is in crisis due to the country’s invasion of e; it has resulted in an economic blockade imposed by major nations and financial institutions. The United States and the European Union’s coordinated action has prevented ’s central bank from selling its reserves in dollars, euros, and other major foreign currencies.

Officials from the United States have stated that they intend to increase inflation in  to weaken the country’s monetary defenses.

Individual n citizens are paying the price for their government’s actions. Their cashless payment solutions have stopped working as global payment majors such as Visa Mastercard. Amex has blocked n financial institutions from their networks by imposing sanctions on  by the US government’s orders.

As part of its response to the crisis,  raised its interest rate to 20%. The government has also instructed companies to convert 80 percent of their foreign currency revenues to domestic currency.

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