Ruble at the bottom: Russian currency hits annual low.

The exchange rate of the Russian ruble fell to its lowest in the past year

The exchange rate of the Russian ruble fell to its lowest in the past year, despite increased interventions by the Central Bank and rising oil prices.

In trading on Monday, October 7, the yuan exchange rate rose to 13.59 rubles - the highest level since last October, The Moscow Times reports.

The dollar in the OTC market, according to LSEG, rose to 96.27 rubles, setting a record for the last year, while the euro rate remained above 105 rubles (105.58 rubles).

Since mid-June, the ruble has depreciated by more than 17% against the yuan, 15% against the dollar, and almost 10% against the euro, and since the end of August, the devaluation has become almost continuous: the Russian currency ended in the negative for six consecutive weeks, something the exchange had not seen since the start of the war.

Due to the threat of U.S. sanctions, payments for Russian companies are being massively blocked by banks in friendly countries, including Chinese ones, where transactions worth tens of billions of yuan were stalled at the beginning of autumn, Reuters reported, citing sources.

The Russian Central Bank increases interventions, but this may not stop the devaluation

To support the ruble exchange rate, the Russian Central Bank will sell Chinese yuan worth $1.3 billion in October - 32 times more than in September. However, this is unlikely to stop the creeping devaluation of the Russian currency: by the end of the year, the yuan may settle above 14 rubles, setting a new exchange rate record since March 2022.