The Russian rouble slid past 100 against the dollar today, its lowest level since March 23, 2022 - weeks after Moscow unleashed full-scale hostilities in Ukraine.
The rouble has shed around 30% of its value against the dollar since the beginning of the year, as the country imports more and exports less.
Data from the Moscow Exchange showed the ruble trading at 101.01 to the dollar today, while against the euro it tumbled to a near 17-month low of 110.73.
The rouble could sink further to 115-120 per dollar, Alor Broker analyst Alexei Antonov warned in a note published today.
"For the decline in the rouble to end," Antonov said, "we need to wait for a reduction in imports or decisive steps by the monetary authorities."
Russia's central bank already hiked its key interest rate to a greater-than-expected 8.5% in July, and last week set aside its budget rule in a bid to stabilise the currency.
The decline in the rouble has prompted fears ordinary Russians' standard of living could take a hit, as inflation creeps up.
Kremlin aide Maxim Oreshkin blamed what he called "loose monetary policy" in an opinion piece published by the state-run TASS news agency today.
He said the central bank had all the "necessary tools" to address the situation and predicted the rouble exchange rate would return to normal in the near future.
