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Since the exchange rate of the ruble against the dollar fluctuates widely, figures in rubles are converted into international dollars using the PPP conversion factor at a rate of 26.67 rubles per international dollar (per the World Bank). Note: The rankings are arranged randomly.
The ruble that Elvira Nabiullina manages crashed through the psychological support of 100 to the U.S. dollar and on Monday is now worth less than a penny, the first time since March 23 of last year.
Investors have been spooked after Russia was hit with fresh sanctions and as tensions rose after a hypersonic missile attach on Ukraine.
The protection and ensuring the stability of the ruble is the main function of the Central Bank of the Russian Federation, which it carries out independently of other government bodies. [181] On 1 September 2013, the Bank of Russia also became a regulator of financial markets, applying the integrated model of financial sector supervision.
The first Russian ruble (RUR) introduced in January 1992 depreciated significantly versus the US dollar from US$1 = 125 RUR to around US$1 = 6,000 RUR (or 6 RUB) when it was redenominated in January 1998. The new ruble then depreciated rapidly in its first year to US$1 = 20 RUB before stabilizing at around US$1 = 30 RUB from 2001 to 2013.
The ruble hit a 17-month low against the dollar Monday, highlighting the growing squeeze on Russia’s economy from Western sanctions and a slump in export revenues.
The inflation rate rose to 17.8 percent in April. Also the ruble reached its strongest level against the U.S. dollar in four years, hurting exports. [43] The central bank announced a possible rate cut in 2025 due to stabilising inflation on the 1000th day of the Ukraine war. [44]
Thus, for the first time the market ruble exchange rate to dollar was established. In January 1992 it became the main platform for carrying out currency transactions for banks and enterprises. Until July 1992 the rate in the Moscow Interbank Stock Exchange was used by the Central Bank for the official quotation of ruble to foreign currencies.