On Friday, the Russian ruble dropped further against the dollar, a day after Vladimir Putin, the President of Russia, said the economic situation of Russia was “stable”.
The sanctions-hit country’s currency plunged by as much as 101.46 rubles to the dollar in morning exchanges before paring down some losses.
The Russian ruble crossed the psychological point of 100 to the dollar on the Moscow financial exchange on Tuesday, a level it briefly struck in August.
It climbed again midweek but resumed its decline late on Thursday, just as Putin was speaking at the Valdai political conference in the Black Sea resort of Sochi.
Putin said, “We have overcome all the problems that emerged after the implementation of sanctions against us and we have started a new stage of development.”
He added, “The overall situation is stable.”
Western countries set a raft of sanctions against Russia and many foreign firms have left in the wake of the Russian offensive in Ukraine in February 2022.
The nation also encounters high inflation, labor shortages, falling oil costs and a brain drain.
The central bank says it predicts economic growth to delay in the second half of the year.
