Russia's rouble has lost about a third of its value against the US dollar since the start of the year.Russia's rouble has lost about a third of its value against the US dollar since the start of the year.
The rouble fell 4.5% to 106.02 against the dollar in Moscow trade, earlier hitting 110.0, a record low.Against the euro, it shed 2.5%to finish the day at 115.40. Russia has responded to the currency weakness by more than doubling interest rates to 20% and telling companies to convert 80% of their foreign currency revenues on the domestic market as the central bank, or CBR, which is now under Western sanctions,has stopped foreign exchange interventions.
Credit rating agency Moody’s said it was reviewing Russia’s rating for a downgrade, a move that “reflects the negative credit implications for Russia’s credit profile from the additional and more severe sanctions being imposed.” “Russia’s large current account surplus could have accommodated large capital outflows, but with accompanying CBR and SWIFT sanctions, on top of the existing restrictions, it is likely that Russia’s export earnings will be disrupted, and capital outflows will likely be immediate.”
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