Falling Ruble Value... 'All-Time Low' Amid Credit Rating Downgrade

President Vladimir Putin of Russia [Photo by Yonhap News]

The value of the Russian ruble, which invaded Ukraine, has fallen to an all-time low.

According to major foreign media on the 3rd (local time), the ruble exchange rate at the Moscow Foreign Exchange Market soared to 117.5 rubles per dollar and 124.1 rubles per euro in the morning.

This is the first time the value of the Russian ruble has exceeded 110 rubles per dollar.

The value of the Russian currency was around 75 rubles per dollar, but it has continued to decline since the invasion of Ukraine.

The Russian central bank responded by raising the benchmark interest rate from the previous 9.5% to 20% to stop this decline, but it has had little effect.

Earlier, credit rating agencies Moody's and Fitch downgraded Russia's sovereign credit rating by six notches to speculative grade (junk) on the same day. Standard & Poor's (S&P) also downgraded Russia to speculative grade last week.

This content was produced with the assistance of AI translation services.