: The next day it plummeted to its lowest level in recent history, losing 4 percent against the U.S. dollar and then regaining it in the space of a few hours, according to The Moscow Times. At around 76 rubles to the greenback, the Russian currency is 4 percent weaker than at the start of January, and its value has halved in less than two years. As he spoke to delegates at a business forum on Jan. 20, the Russian currency was gyrating wildly. The dramatic devaluation is usually seen as a calamity. In theory, Putin could be right that a weak ruble also provides economic upsides. Driven by a sharp fall in oil prices, it has massively raised the cost of anything imported from overseas, fueling inflation and leaving most Russians significantly worse off.
(news.financializer.com). As
reported in the news.
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