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The Graphic Truth: How low will the Russian ruble go?

In an emergency meeting on Tuesday, Russia’s central bank raised interest rates to 12% (up from 8.5%) after its currency reached an almost 17-month low against the US dollar. Clearly the Kremlin is spooked that the Russian ruble has lost 25% of its worth against the greenback over the past seven months alone.

The ruble – which this week slid past 101 against the US dollar, before recovering slightly to 98 on Tuesday – has ebbed and flowed since Russian forces invaded Ukraine in Feb. 2022. For context, when oil prices were soaring last July (bolstered by the Kremlin's capital controls), the ruble touched around 61 to the dollar. But many analysts are skeptical that this move will be able to stabilize the ruble, warning that Western sanctions will make it very difficult for Moscow to attract foreign investment.

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