Russian ruble trades steady against the dollar

Russian rubles to USD

The Russian ruble traded steady against the dollar, recovering from the day before when the central bank hiked its key rate to 12 percent after an emergency meeting.

Since the start of the year, the ruble has dropped about 30 percent of its value against the dollar, as Moscow deals with falling export revenues and higher military spending due to the war in Ukraine.

After a more than 16-month low against the dollar on Monday, the central bank raised its key rate after an unscheduled meeting on Tuesday.

The ruble may continue to strengthen against other currencies during the day, analyst Bogdan Zvarich said.

“Despite the worsening situation in oil prices, the national currency will be supported by yesterday’s decision of the central bank to raise the interest rate,” he said.

Advertisement ~ Scroll to continue

Keep reading: