The official exchange rate of the Russian ruble fell below 100 per US dollar for the first time since October 2023, after President Vladimir Putin lowered the nuclear strike threshold amid escalating tensions with the United States regarding Ukraine.
The central bank set the ruble exchange rate at 100.03 per dollar, up from 99.94 on Monday. The ruble has weakened since Ukraine's incursion into the Kursk region began on August 6, and has lost almost 19% of its value since then, according to LSEG data.
Western sanctions imposed on the Moscow Stock Exchange (MOEX) and its clearing agent, the National Clearing Center, halted all dollar and euro transactions at MOEX on June 12.
The central bank sets the official dollar rate using data from banks on over-the-counter (OTC) trading. This procedure makes the exchange rate opaque and volatile.
Overnight ruble-dollar futures, which trade on the Moscow exchange and serve as a benchmark for over-the-counter market rates, were up 0.6% at 100.4.
The update to Russia's nuclear doctrine, establishing a framework for the conditions under which Putin could order a strike from the world's largest nuclear arsenal, was approved by him on Tuesday.
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