Rubles falls dramatically

RUSSIA / FSU POLITICS - In Brief 01 Aug 2020 by Alex Teddy
On July 31 the Ruble lost value - reaching its lowest level for a few months. The USD was worth 74.13 RUB at the end of US trading hours. RUB has lost 4% of its value in 2 weeks. RUB is doing even worse against EUR. Russian rate cuts contributed to this. Investors have put their money into safer options. People prefer to put money into US and German bonds as well as gold. The rise in coronavirus and the publication of gloomy economic statistics prompted the move. Russia is very vulnerable to global economic jitters. Biden's campaign is looking strong. Biden is pro-Ukrainian and therefore seen as likely to introduce more stringent sanctions against Russia.

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