The dollar exchange rate fell to its lowest in Russia since February 2023, slipping to around 70 rubles per dollar.
The dollar exchange rate dropped below the 71-ruble mark, trading data showed, reaching that level for the first time since February 8, 2023.
In particular, by 12:30 Moscow time the dollar had plunged 1.15 rubles from the previous close to 71.01 rubles. Shortly before that, the rate dipped to 70.98 rubles.
Since dollar trading on the Moscow Exchange was suspended in the summer of 2024, the dollar exchange rate has been derived from the Chinese yuan, because trading in the yuan still takes place.
The U.S. currency’s rate is calculated via the dollar/yuan rate on the forex market and then the yuan/ruble rate on the Moscow Exchange. This cross rate is then used for over-the-counter trading.
