Unforeseen consequences? Russia’s invasion of Ukraine has played havoc with the ruble.
From 2017 to 2021, Russia’s currency traded between 56 and 80 rubles per dollar. Lows were reached in January 2017 and February 2018; the ruble saw its high in March 2020. Trading in 2022 started well within this range.
In the days before the invasion, the ruble stood at 83 rubles per dollar. By March 7th, the ruble had lost nearlyhalf of its value, trading at 150rubles per dollar. Two weeks later, the ruble had recovered to 100 rubles per dollar, still well outside its trading range for the past five years.