'Russia Still Far From Hitting Rock Bottom'

The ruble will depreciate even more.

One US dollar has been worth more than 110 Russian rubles for several days now. Chairman of the Committee of Economists of Ukraine Andriy Novak answered the question of whether this is the limit or the ruble will depreciate even more, writes «Главред».

In his opinion, the rate that we have already seen – 113 rubles per dollar and 120 rubles per euro, is definitely not the bottom yet.

"Russia is still far from the bottom, but it is confidently moving along the path of ruble depreciation. There will be several more waves of ruble devaluation by the end of 2024," Novak said.

As the head of the Committee of Economists of Ukraine explains, closer to the end of the year, companies are summing up the results and trying to protect their income by replacing ruble income with hard currencies.

"Therefore, there will be an increased demand for the dollar and euro," Novak concluded.

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