The drop is being attributed to a decrease in foreign currency supply and a changing trade balance The Russian ruble has extended its losses against major global currencies, sliding to more than a 16-month low early on Monday. The Russian currency was trading above 96 rubles to the US dollar at 7:29am GMT, its weakest level since March 28, 2022. It made a slight gain against the euro, having declined to more than a 16-month low of 106 on Friday. The ruble’s weakness has been attributed to soaring local demand for foreign currency that could be related to summer holiday season, and the typically lower support fro
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