Ruble Crashes Through 100 Per Dollar Despite Central Bank’s Move

The ruble broke through the psychologically important level of 100 to the dollar for the first time since March last year, even after Russia’s central bank sought to arrest the slump by halting its foreign-currency purchases on the domestic market for the rest of 2023.

Russia’s currency has weakened by about 25% against the dollar so far this year, placing it among the three worst emerging-market performers with the Turkish lira and the Argentine peso. It’s almost halved in value from its peak in June last year as President Vladimir Putin’s invasion of Ukraine grinds on with no end in sight and sanctions including an oil price cap slash revenue from exports.