Russian ruble plunges to 32-month low, devaluation accelerates
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The Russian ruble continued its sharp decline against foreign currencies for the sixth day in a row, hitting a new 32-month low, The Moscow Times reported on Nov. 27.
The exchange rate is now 108.7 rubles to the dollar and 114.15 rubles to the euro.
Since the beginning of the year, the ruble has lost 21% against the dollar and 15% against the euro, including 11% and 8%, respectively, in the past month alone.
The ruble has also lost in value against the Chinese currency, reaching 14.79 rubles per yuan for the first time since March 2022.
Analysts suggest that "while the upcoming tax period may provide some temporary support for the ruble, ongoing geopolitical tensions remain a major negative factor."
Despite this, the market is currently discounting the potential impact of the tax payments, which are expected on Nov. 28 and could potentially slow the ruble's depreciation if large sales of export currency earnings are made to pay off the budget.
It is estimated that the October mineral extraction tax for exporters could exceed 1 trillion rubles (almost $9 billion), taking into account payments for oil, gas and gas condensate.
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