The Russian ruble slips past 58 against the dollar

The Russian ruble fell by more than 58 against the dollar, on Friday, to its weakest point during the morning, after the central bank cut interest rates for the fourth time this year by 150 basis points to 8 percent, exceeding expectations.
By 10:47 GMT, the ruble fell 1.9 percent to 58.14 against the dollar, minutes after the central bank’s decision was announced. It also fell one percent to 57.79 against the euro on the Moscow Stock Exchange.
The ruble has become the world’s best performing currency so far this year, buoyed by measures taken to protect Russia’s financial system from Western sanctions imposed on the country over its war with Ukraine on February 24.
These measures included restrictions on Russian families withdrawing their savings in foreign currencies.
Prior to February 24, the ruble was trading near 80 against the dollar and 85 against the euro.

(Archyde.com)