Petersburg, Russia, on April 7.īut last year saw the tenge 'successfully decouple' from the ruble, in the words of the economics-focused Telegram channel Tengenomika, as Russia's share of Kazakhstan's imports fell from over 40 percent in 2021 to 26.7 percent in 2022. People walk past an exchange office screen showing the currency exchange rates of U.S. Kazakhstan is a member of the Eurasian Economic Union dominated by Russia and, like Moscow, Astana's growth prospects are tied to prices for its energy exports.

In the recent past, the tenge has traced the ruble's performance quite tightly. Oil-rich Kazakhstan's tenge depreciated 6 percent on August 16-17, RFE/RL's Kazakh Service reported, with the rate reaching 467 tenge to the dollar at currency exchanges on August 17. Indeed, the ruble is so cheap that it is posing a dilemma for neighboring countries caught between a potential flood of Russian imports and politically contentious decisions to allow their own currencies to follow suit. On August 15, Russia's central bank hiked its base rate by an eyebrow-raising 3.5 percentage points to reach 12 percent, helping to stop the ruble's rot.īut there has been no spectacular recovery like there was in the weeks and months immediately after Moscow launched its war against Ukraine.Īnd the days of the ruble going from freefall to the world's best-performing currency overnight - a development attributed to stringent capital controls and a trade surplus buoyed by high prices for Russian exports - now seem a very long way away.

'Crisis Of Confidence': Ruble's Plunge Prompts Policy Clash In Russia As Costly War Drags On What makes this particular ruble depreciation so notable, however, is that it comes at a time of robust prices for oil, which have traditionally helped the currency bounce back. The Russian currency's monthslong decline stretching back to the end of last year is partly due to government spending on the war in Ukraine, where Russian forces have been in a slow retreat since the full-scale invasion began in February 2022 as they now battle a fierce Ukrainian counteroffensive. In the meantime, the cheap ruble is already wreaking havoc in Central Asian economies and contributing to a significant fall in the amount of money sent back to the region. This week the plummeting ruble showed a flicker of life on the back of a giant emergency rate hike overseen by Russia's central bank after it had dipped below the psychologically important threshold of 100 rubles to the dollar.Īnd it's not just officials in the Kremlin who breathed a sigh of relief.įor Central Asian countries, the ruble has outsized importance due to the region's level of economic integration with Moscow and because of the millions of migrants from the region - chiefly from Kyrgyzstan, Tajikistan, and Uzbekistan - that earn money in Russia.īut while the currency might have reached its bottom in the near term, stabilizing at around 93 to the dollar after the hike, its longer-term health remains a major source of concern for a landlocked region perennially exposed to Russian crises. In terms of market cap, Russian Ruble is currently ranked #456 in the Binance Smart Chain sector.Tajiks eat on the floor while waiting for a plane to return them to their home country at the Vnukovo International Airport, near Moscow. Russian Ruble's current circulating supply is 728.00B RUB out of max supply of 728.00B RUB. The Russian Ruble price prediction sentiment is currently bullish, while Fear & Greed Index is showing 72 (Greed). The highest RUB price since the last cycle low was $ 0.011241 (cycle high). The lowest price since it's ATH was $ 0.009711 (cycle low). Russian Ruble reached its highest price on when it was trading at its all-time high of $ 0.019733, while Russian Ruble's lowest price was recorded on when it was trading at its all-time low of $ 0.008981. The RUB price increased 1.34% in the last 24 hours. Russian Ruble price today is $ 0.010574 with a 24-hour trading volume of $ 81,802, market cap of $ 7.70B, and market dominance of 0.61%.