Russian Ruble hits two-year low against US dollar amid new sanctions and military spending.

The Russian Ruble hit a two-year low against the US dollar on Monday, dropping below 105 Rubles per dollar. This decline follows new US sanctions on Gazprombank and the launch of a hypersonic missile by Russia against Ukraine. These sanctions, along with higher military spending and global energy price drops, have contributed to the Ruble's weakening. Despite the Bank of Russia raising interest rates to 21%, inflation remains high at 8.5%. The Ruble's depreciation could erode Russians' purchasing power due to higher import prices.

November 26, 2024
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