1 US Dollar Now Worth 70 Russian Rubles

The value of the Russian ruble has plummeted to a record low against the US dollar, with one US dollar now worth 70 Russian rubles. This is a significant drop from the pre-war exchange rate of around 60 rubles to the dollar. The ruble’s plunge is due to a number of factors, including Western sanctions, falling oil prices, and uncertainty about the future of the Russian economy.

Impact on the Russian Economy

The ruble’s devaluation is having a major impact on the Russian economy. It is making it more expensive for Russians to buy imported goods, and it is also reducing the value of Russian assets. This is leading to a decline in economic growth and a rise in inflation.

Government Response

The Russian government has taken a number of steps to try to stabilize the ruble, including raising interest rates and selling foreign currency reserves. However, these measures have had limited success. The government is now considering more drastic measures, such as capital controls.

Outlook for the Ruble

The outlook for the ruble is uncertain. The value of the currency is likely to remain volatile in the coming months, and it could fall further if the Russian economy continues to deteriorate. The ruble’s value is likely to recover in the long term, but this will depend on a number of factors, including the resolution of the war in Ukraine and the lifting of Western sanctions.