Ruble Plunges as Failed Mutiny Sends Russian Currency Spiraling
The Russian ruble hit a 15-month low against the euro and dollar, falling further due to weak exports and ongoing market concerns following Yevgeny Prighzohin's failed mutiny. The Central Bank attributed the ruble's devaluation to the decrease in exports, resulting in less foreign currency entering Russia. The continued devaluation poses potential inflationary risks, which will be considered during the upcoming Central Bank meeting. Capital outflows and Russian companies keeping export proceeds offshore were also identified as factors contributing to the ruble's devaluation.