The Russian currency has hit a two-year low against the U.S. dollar, reaching 107 on Tuesday, as sanctions continue to hit the country's economy.
The Russian currency, the ruble, has plunged to its lowest rate against the U.S. dollar since the start of Vladimir Putin's full-scale invasion of Ukraine as sanctions continue to hurt his country's economy.After two months of depreciation, the ruble dropped on Tuesday to 107 against the dollar for the first time since March 2022, just after the start of the war that prompted Western-led sanctions, an exodus of companies from Russia and financial turbulence.
Sanctions have made it harder for Russian businesses to deal with international payments and the latest measures could see Russia's trade balance worsen, pushing down the ruble further. Purchasers of Russian gas and oil will need to find other ways to make payments, which could take time, the Financial Times reported.
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