Russian Ruble at Lowest Level Against Dollar Since April

The Russian ruble depreciated by 1.9% against the dollar on Wednesday, with the exchange rate exceeding 80 rubles per dollar. This level was last recorded on April 3.

Since May 20, the ruble has depreciated by a total of 14% against the dollar. At the same time, its exchange rate against the Chinese yuan declined by 1%, with the price of one yuan rising to 11.8 rubles.

According to analysts, the ruble's depreciation is linked to the end of the tax period. When paying taxes, Russian companies sell foreign currency and use the received rubles, which temporarily increases demand for the national currency. After the tax period ends, this effect disappears.

Currency is also affected by unstable oil prices, as oil is Russia's main export product.

Since May, Ukraine has intensified attacks on Russian oil refineries and other infrastructure. As a result, the country has experienced fuel shortages and inflation has increased.

Source: Investing.com