Russia’s national currency broke through the psychological threshold of 100 rubles to buy the dollar again on Thursday, just as President Vladimir Putin delivered a speech in which he said the West had “lost touch with reality”, Reuters reported.
Despite a steady day of trading on the Moscow stock market earlier in the day, the ruble surpassed the 100-to-1 exchange rate against the dollar just as Putin began his speech at the Valdai debating club in Sochi and said the United States was trying to to show the world its declining hegemony, and that the war in Ukraine shows how far the West has lost touch with reality.
The head of the Kremlin blamed this situation on the “neo-colonial thinking” of the main Western offices – the leitmotif of his speeches since the beginning of the war in Ukraine.
“The Ukrainian crisis is not a territorial conflict, I want to emphasize that,” Putin said in Sochi on Thursday.
“Russia is the largest country in the world, with the largest territory. We are not interested in conquering additional territories. We still have Siberia, Eastern Siberia and the Far East to explore and develop. This is not a territorial conflict or even the establishment of a regional geopolitical balance. The question is much broader and more fundamental: we are talking about the principles on which the new world order will be based,” he explained.
During these comments, the national currency of Russia depreciated by 0.5% against the dollar, reaching the rate of 100.73 rubles, which is needed to buy one dollar.
The ruble also crossed that psychological threshold of 100 to 1 on Tuesday morning, before rallying slightly.
On Monday, the dollar rate exceeded 99 rubles for the first time since August 15 this year, the same day that the Central Bank of Moscow raised the key interest rate by 350 basis points to 12%, which was done in order to urgently stop the collapse of the Russian national currency. against the US dollar.
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Source: Hot News
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