Russia's Ruble Hits 17-Month Low

On Monday, the Russian ruble reached a 17-month nadir against the US dollar, underscoring the increasing economic strain on Russia due to Western sanctions and a decline in export earnings.

The currency of Russia has experienced a nearly 40% depreciation in its value this year, breaching the 100-ruble-to-the-dollar threshold, primarily driven by the significant impact of Moscow's involvement in the conflict in Ukraine.

The devaluation of the ruble stands as just one of the unfavorable markers for the Russian economy, alluding to broader challenges, even as President Vladimir Putin maintains that the repercussions of Western sanctions remain limited.