Russian ruble breaches 100 mark against US dollar amid monetary easing concerns

Shafaq News/ The Russian ruble tumbled beyond the critical threshold of 100 against the US dollar on Monday, spurred by comments from an economic adviser to President Vladimir Putin, who indicated Russia's intent to shore up the ruble while citing monetary easing as a central factor behind the local currency's recent depreciation.

In early trading, the ruble plummeted to 100.4975 against the dollar, marking its weakest point since March 23 of the previous year, coinciding with Moscow's initiation of a military operation in Ukraine.

The Bank of Russia, addressing the ruble's pronounced descent this year, attributed the currency's steep slide to a dip in Russia's trade balance. The ruble has encountered a substantial 30 percent decrease in value against the dollar thus far in the current year. Furthermore, Russia's current account surplus experienced an 85 percent contraction year-on-year during January-July.