The Russian rouble hit the skids after Russia's invasion of Ukraine last February. Initially, the government took a hands-off approach to deal with the rollercoaster ride of exchange rates. Instead, they boasted about the nation's economic resilience in the face of sanctions and shrinking exports. But come August, they had to step in as the rouble nosedived to a 16-month low, worth less than a penny.
A déjà vu moment played out on a recent Tuesday, with the rouble teetering just below the 100-mark against the U.S. dollar—a critical benchmark for Russia's currency. Although the rouble managed a modest comeback, this embarrassing stumble highlighted its shaky footing and raised concerns of further depreciation.
