The Russian ruble dropped today even after the report that the sharp decline of Russia’ economy has apparently ended. It looks like investors are still reluctant to come to the country that is under sanctions from the West.
While Russia’s economy still demonstrated a substantial year-on-year drop by 4.2 percent in June according to reports, the monthly decline was just a miniscule 0.1 percent. Russia has experienced a sharp economic slump previously due to the sinking crude oil prices and economic sanctions from Western countries over the conflict with Ukraine. Apparently, speculators are still unconvinced by the country’s economic performance as the ruble continued to fall.
USD/RUB rose from 66.0700 to 66.3840 as of 12:28 GMT today.
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