RUSSIA ECONOMY

Russian ruble falls to record low against euro, US dollar

epa10791793 A man walks past an electronic panel displaying exchange rates for US dollar and euro against Russian ruble in Moscow, Russia, 09 August 2023. The dollar and euro rates on the Moscow Exchange reached their highest exchange rate since March 2022. The euro rose above 107 rubles while the US dollar was trading towards 98 rubles. Russian Finance Minister Anton Siluanov called the main reason for the sharp weakening of the national currency, the change in the country's trade balance. He noted that the exchange rate of the ruble depends on the inflows and outflows of currency into and out of the country. Also, according to Siluanov, one of the reasons for the fall in the exchange rate of the ruble was the holiday season and the departure of foreign companies from Russia - both of these circumstances significantly increase the demand for currency within the country . EPA/SERGEI ILNITSKY

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