Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Euro plunders against Ruble, reaches lowest since 2014

  • By Al Mayadeen English
  • Source: Agencies + Al Mayadeen English
  • 30 Sep 2022 14:03
4 Min Read

The rate of the euro is sharply falling in the domestic exchange market in Russia as the European currency is being dumped and demand for it is massively declining.

  • x
  • Euro plunders against Rubles in Moscow exchange, reaching a 2014 low
    Euro plunders against Rubles in Moscow exchange, reaching a 2014 low

Hitting its lowest rate against the Russian ÙŒuble since October 2014, the Euro crumbled in the MOEX (the Moscow Exchange) on Friday to reach a value of 52.5 Rubles/Euro after falling 5.1% (2.97 Rubles) from its last closing session, while current trades are recording continuous losses to the Euro against the Ruble at the MOEX.

On the other hand, the Chinese Yuan recorded slight losses against the ruble, falling by 0.2%, while the US dollar fell by 0.5%, to reach values of 8.104 Rubles/Yuan and 56.92 Rubles/USD respectively.

Watch here: The euro hits a 20-year low

The euro's rate decline in the Russian exchange market is not proportionate to its trading dynamics in the FX markets, experts stated, arguing that while it's crashing against the Ruble in the Moscow local exchange, it is recording a slight increase against the USD (0.983 Euro/USD at the time of the report), meaning that the Euro is hitting a rate 6.2% lower against the Dollar in the Moscow exchange than it is in the global FX market.

According to analysts, this is caused by the absence of demand for the Euro in the MICEX (Moscow Interbank Currency Exchange) and a large plummet of its currency in the domestic foreign exchange market.

Last May, against all Western claims that sanctions will be the end of Russia's economy, the exchange rate of the dollar and the euro fell against the Ruble, and the currency was trading below 69 rubles for the first time since June 2020, while the euro was trading below 73 rubles.

Read more: Euro zone inflation hits yet another record high in August

Related News

Trump approves Patriot missiles to Ukraine, bills EU for costs

Russia slams US-Denmark military pact as threat to its security

In response to Western sanctions, Russian President Vladimir Putin announced that his country would only accept payments in Rubles for gas deliveries to "unfriendly countries" in a nod to all EU members involved in the harsh sanctions imposed on Moscow.

The appreciation of the Ruble against the USD and the Euro is mainly due to Putin's decision, as following his announcement, Russia's Ruble rose in the face of the USD and the Euro, marking a major hike since the currency took a dive against the western currencies due to the sanctions imposed on the country.

The Euro also dropped below the symbolic $1.00 mark last July for the first time since December 2002, as a result of a deteriorating prognosis for the economy of the eurozone and the potential for a total interruption of the Russian gas supply.

Read more: Germany industrial orders in decline for 6 month

Eurozone economic growth has been on a decline and could soon become zero, according to the vice president of the European Central Bank (ECB) on September 27. 

“We are seeing that in the third and fourth quarters there is a significant slowdown and we may find ourselves with growth rates close to zero,” said Luis de Guindos at a conference, as reported by Reuters.

Due to the stark increase in energy costs and the loss of Russian gas, economic output has been suffering. This has raised the risk of energy rationing in the next season, which will require a lot of heaters.

Last August, EU energy minister gave the European Commission a mandate to limit gas prices. Surging costs of power linked to gas prices have already stunted the production of various industries, such as fertilizers and aluminum manufacturers, and prompted EU governments, such as Germany, to increase their spending by billions in order to help their citizens.

  • Russia
  • USD
  • exchange rate
  • Ukraine
  • Euro
  • European Union

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS