The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes.
The Russian central bank has said the ruble’s recent plunge to its lowest level versus the U.S. dollar in 2023 is due to lower forex sales by the country’s exporters. The comments by the central bank followed media reports which attributed the ruble’s plunge (to more than 80 units for every dollar) to reduced oil revenues and the impact of Western sanctions on the Russian economy.
Although it ended the year 2022 as one of the world’s best-performing currencies, the Russian ruble has depreciated by more than 10% versus the U.S. dollar in 2023, and by about 5% in the first week of April. However, in its monitoring report that was unveiled on April 10, the Russian central bank insisted that the ruble’s latest fall may be temporary.
“There has been a temporary reduction in sales of foreign currency earnings by exporters, which led to an acceleration of the weakening of the ruble in early April,” the central bank reportedly said.
The central bank claimed, however, that individuals and companies have since responded to the currency’s fall by increasing sales of foreign currency.
Russian Interest in Chinese Yuan Surges
Meanwhile, the central bank also revealed that interest in the Chinese currency — the yuan — spiked in March, after $515 million worth of yuan was bought by Russians. Before that, Russians had bought Chinese currency valued at just over $143 million in the prior month. In addition, trades on the Russian forex market that involved yuan reportedly accounted for 39% of overall volumes. On the other hand, ruble-dollar trades only accounted for 34% of the volume.
Since the imposition of Western sanctions as well as the removal of several banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial communications networks, the Russian government has advocated for an alternative to the U.S.-dominated financial system. Russia has also sought to diminish its reliance on the U.S. dollar by establishing bilateral currency agreements with countries such as China and India.
What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes.
The Russian central bank has said the ruble’s recent plunge to its lowest level versus the U.S. dollar in 2023 is due to lower forex sales by the country’s exporters. The comments by the central bank followed media reports which attributed the ruble’s plunge (to more than 80 units for every dollar) to reduced oil revenues and the impact of Western sanctions on the Russian economy.
Although it ended the year 2022 as one of the world’s best-performing currencies, the Russian ruble has depreciated by more than 10% versus the U.S. dollar in 2023, and by about 5% in the first week of April. However, in its monitoring report that was unveiled on April 10, the Russian central bank insisted that the ruble’s latest fall may be temporary.
“There has been a temporary reduction in sales of foreign currency earnings by exporters, which led to an acceleration of the weakening of the ruble in early April,” the central bank reportedly said.
The central bank claimed, however, that individuals and companies have since responded to the currency’s fall by increasing sales of foreign currency.
Russian Interest in Chinese Yuan Surges
Meanwhile, the central bank also revealed that interest in the Chinese currency — the yuan — spiked in March, after $515 million worth of yuan was bought by Russians. Before that, Russians had bought Chinese currency valued at just over $143 million in the prior month. In addition, trades on the Russian forex market that involved yuan reportedly accounted for 39% of overall volumes. On the other hand, ruble-dollar trades only accounted for 34% of the volume.
Since the imposition of Western sanctions as well as the removal of several banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial communications networks, the Russian government has advocated for an alternative to the U.S.-dominated financial system. Russia has also sought to diminish its reliance on the U.S. dollar by establishing bilateral currency agreements with countries such as China and India.
What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Solana moved to a six-week high on Wednesday, as markets reacted to the latest inflation figures from the United States. The consumer price index (CPI) fell to 5% in March, lower than the 5.2% sum many had expected. Ethereum classic also moved higher, nearing a multi-week high.
Solana (SOL) extended yesterday’s 15% gain on Wednesday, as the token rose for a fourth straight session.
SOL/USD raced to an intraday high of $24.34 earlier in today’s session, which comes a day after the price was at a low of $22.42.
Following today’s surge in price, SOL move to its strongest point since February 21, when it traded at a high of $24.71.
Looking at the chart, Wednesday’s rally came as solana bulls took the token beyond a key resistance level of $24.00.
One of the catalysts for this breakout was the 14-day relative strength index (RSI), which moved beyond a ceiling of its own at 64.00.
At the time of writing, the index is now tracking at 66.65, which is marginally below a higher resistance level of 68.00.
Ethereum classic (ETC) continued to trade in the green in today’s session, as prices reached a fresh multi-month high.
Following a low of $20.75 on Tuesday, ETC/USD has moved to a high of $22.18 as of writing.
Today’s move has seen ethereum classic climb to its highest level since March 18, and comes following a breakout beyond a ceiling at $21.50.
Similar to solana, this has resulted in price strength moving past its own obstacles, and it is now tracking marginally below another hurdle at the 64.00 mark.
Should the index find a way past this point of resistance, there is a good chance that ETC will head towards $23.00.
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Do you expect ethereum classic to maintain this rally? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
Source From : News