Ruble Continues Plummeting. Dollar Sets New Historic High

The USD/RUB rate on the Moscow Exchange as of Wednesday 10.10 MSK increased by 10 kopecks compared to the previous day's close and for the first time in history reached 38.43 rubles.

According to ITAR-TASS, the euro strengthened against the ruble by 14 kopecks reaching 49.77 rate, Censor.NET reports.

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At that the cost of the euro-dollar basket consisting of EUR 0.45 and USD 0.55, increased by 11 kopecks. and reached 43.52 rubles.

Previously press-secretary of the White House Joshua Ernest expressed the opinion that the ruble's slump against foreign currencies suggests that the U.S. and European sanctions against Russia are reaching their goal.

Deputy Minister of Foreign Affairs Sergei Ryabkov disagrees with Washington. "The weakening of the ruble is a stimulating factor for Russian exports," the diplomat said.

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Russian authorities believe that the ruble's drop, on the contrary, mitigates the impact of sanctions on the Russian economy. "In August there was a decrease in the price of oil in the world market. The introduction of sectoral sanctions against the Russian economy has restricted access of large corporate borrowers to external capital markets. The negative impact of these events on the Russian economy was somewhat mitigated by the weakening of the ruble, which, however, can lead to inflationary pressure," the Russian Central Bank stated in this week's report on monetary policy.