The Russian currency has broken another threshold in its decline in value. Over the weekend, 1 ruble was worth only 1 US cent. This means 100 rubles had to be paid for $1 US. The ruble also continued to lose value against the euro, with €1 at times costing nearly 110 rubles.
The ruble fell to its lowest point since March 2022 when the currency crashed following Russia's invasion of Ukraine. In the following few months, the currency regained the lost ground as Russia benefited from significantly higher energy prices. However, over the past year, the ruble has steadily declined.
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