The Russian currency is witnessing a massive drop in the midst of the current war with Ukraine and harsh international sanctions.
The tensions between Ukraine and Russia are increasing with each passing day, with a massive impact on the economy of both nations. As the Russian military crossed the Ukrainian border one week back, the West decided to retaliate by harming the country’s economy.
The European Union, United States, and the United Kingdom decided to impose strict economical sanctions on Russia, targeting its politicians, banks, and trade. This has had a severe impact on the economy of the country, while it remains in the midst of a conflict with Ukraine.
The impact of war on the Russian economy has led to the massive downfall of the Russian currency, which is the Ruble. According to reports, the Russian Ruble has dropped nearly 30 percent over the last week against the US dollar and the Indian rupee.
The international sanctions imposed on the country include a major hamper on its trade and cutting off some of the Russian banks from the SWIFT international payment system. Russia has also been restricted from using its massive foreign country reserve.
As per the official exchange rates, one Russian ruble is currently equal to 0.70 Indian rupees or 70 paise. On March 2, the ruble was worth 0.84 paise, but a steep decline was noted in the span of 24 hours. Before the Ukraine crisis, the Russian ruble and Indian rupee had the same value.
Further, the ruble has also fallen sharply as compared to the US dollar. According to the latest exchange rates, one Russian ruble is equal to 0.0088 US dollar, which makes it worth less than a cent in the country, impacting its economy harshly.
The drop in the value of the ruble could lead to massive inflation in Russia, causing strain across the Russian financial system and impacting the stock market heavily. Inflation will also mean that daily necessities will soar in prices, stretching the budget of the common man.
This could also mean that import and export could face a hiccup in the country, leading to a supply-chain issue. Foreign travel could become massively expensive and the quality of life for an average Russian will drop, as per economic experts.
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 "Russian Ruble vs Indian Rupee: Know how the currency plummeted amid Ukraine crisis")
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