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The Russian ruble fell to its lowest level in 16 months against the dollar on Monday morning as the currency continues to take a beating from its invasion of Ukraine.
Early trading saw the embattled currency sink to over 100 to the dollar – a level not seen since April 2022 in the early stages of the Ukraine war. It has fallen by over a quarter from one year ago, and the sharp decline in recent weeks has been fuelled by a slew of economic headwinds.As a result, Russia's current account surplus – defined as the gap between exports and imports –Kremlin's economic advisor Maxim Oreshkin blamed the central bank for a weak ruble and urged them to use all the tools available to stabilize the economy.
″...the main source of ruble weakening and inflation acceleration is the loose monetary policy.
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