Russian ruble hits 10-month low as foreign exchange revenues ‎decline

The Russian ruble fell to its lowest level in 10 months near 75 against the dollar today, Thursday, affected by the decline in foreign exchange earnings from oil and gas exports and fears of the European Union imposing new sanctions on Moscow.

According to “Reuters”, the ruble fell 0.4 percent against the dollar to 74.8 by 0744 GMT, and it fell earlier in the session to 74.91, its lowest level since April 25, 2022.

The ruble fell 0.3 percent against the euro, to 80.1, and fell 0.3 percent to 10.91 against the Chinese yuan.

The Russian currency fell this year due to a decline in energy revenues after an embargo imposed by the European Union on Russian oil and the ceiling on Russian energy prices imposed by the Group of Seven majors, which negatively affected sales.

The ruble may face more difficulties as European Union leaders discuss imposing a new set of sanctions on Moscow over its invasion of Ukraine, which is expected to target Russian politicians, military leaders and banks.