Russian ruble slumps to near 17-month low, moves past 100 against the dollar
This pool image distributed by Sputnik agency shows Russian President Vladimir Putin meeting with the Tver region governor at the Kremlin in Moscow on August 9, 2023. Mikhail Klimentyev | AFP | Getty Images The Russian ruble slid past 100 to the U.S. dollar on Monday, nearing a 17-month low as President Vladimir Putin’s economic advisor blamed loose monetary policy for the rapid depreciation. The ruble has lost around 30% against the greenback since the turn of the year. The Bank of Russia has blamed the country’s shrinking balance of trade, as Russia’s current account surplus fell 85% year-on-year from January to July. By late morning in London, the ruble was trading at around 101.41 to the dollar. Putin’s economic advisor Maxim Oreshkin told Russia’s state-owned Tass news agency that the depreciation of the currency and acceleration of inflation was mainly due to “loose monetary policy” and that the central bank has “all the necessary tools to normalize the situation in the near fu