{"id":14006,"date":"2022-09-25T17:58:50","date_gmt":"2022-09-25T17:58:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/while-the-us-dollar-tramples-the-euro-pound-and-yen-russias-ruble-skyrockets-against-the-greenback-economics-bitcoin-news\/"},"modified":"2022-09-25T17:58:50","modified_gmt":"2022-09-25T17:58:50","slug":"while-the-us-dollar-tramples-the-euro-pound-and-yen-russias-ruble-skyrockets-against-the-greenback-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/while-the-us-dollar-tramples-the-euro-pound-and-yen-russias-ruble-skyrockets-against-the-greenback-economics-bitcoin-news\/","title":{"rendered":"While the US Dollar Tramples the Euro, Pound and Yen, Russia\u2019s Ruble Skyrockets Against the Greenback \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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While the U.S. dollar has soared in value against a basket of worldwide fiat currencies, Russia\u2019s ruble climbed 4.5% against the greenback this week. During the first week of September, Russia told the press China would pay for natural gas with rubles and yuan. Moreover, Switzerland\u2019s imports of Russian gold reached a high not seen since April 2020.<\/strong><\/p>\n

The Greenback Is Soaring, but Russia\u2019s Ruble Is Also Rising Higher<\/h2>\n

This week the U.S. Dollar Currency Index (DXY)<\/a> skyrocketed to new heights leaving a great number of fiat currencies worldwide badly bruised. For instance, two days ago, the European Union\u2019s euro tapped a 20-year low<\/a> against the U.S. dollar dropping to $0.973 on Friday.<\/p>\n

Presently, the euro is even lower at $0.9690,<\/a> and it is down 2.82% against the greenback during the past 30 days. 30-day statistics indicate the yen is down 4.72%, the sterling pound shed 8.17%, and the Canadian dollar lost 4.78%. The Chinese yuan breached<\/a> a 7:1 exchange rate against the U.S. dollar for the first time in two years.<\/p>\n

\"While
After the ruble climbed 4.5% against the USD, the Russian currency slid to 56.87 per dollar following the climb.<\/figcaption><\/figure>\n

However, Russia\u2019s native fiat currency the ruble has been more resilient this year, and it started to see gains a month after the start of the Ukraine-Russia war. Toward the end of June, Russia\u2019s ruble tapped a seven-year high<\/a> against the U.S. dollar, and at the time economists said \u201cdon\u2019t ignore the [ruble\u2019s] exchange rate.\u201d<\/p>\n

This Friday, while America\u2019s native fiat currency climbed to new heights against various currencies worldwide, the ruble climbed 4.5%<\/a> against the USD. The ruble managed to do this while the DXY breached a 20-year high following the Federal Reserve\u2019s recent rate hike<\/a>. The rising ruble follows Russian president Vladimir Putin explaining<\/a> earlier this week that he vows to use \u201call means available\u201d to win the war with Ukraine.<\/p>\n

China Pays for Gas With Rubles, Swiss Purchases 5.7 Tons of Russian Gold in August, Analyst Says Ruble Withdrawals Have Pushed the Currency Higher<\/h2>\n

There were also hints of nuclear retaliation from the Russian president, and he detailed he was mobilizing more troops. Additionally, Reuters reported <\/a>during the first week of September that China would be purchasing fuel from Russia with rubles and yuan payments.<\/p>\n

Gazprom CEO Alexei Miller told the press at the time that China paying in rubles and yuan rather than dollars was \u201cmutually beneficial\u201d for both partners. Furthermore, reports<\/a> indicate that the Swiss Federal Customs Administration revealed Switzerland imported 5.7 tons of Russia\u2019s gold reserves in August. The stash was worth roughly $324 million, and the Swiss have not purchased a cache that size in over two years.<\/p>\n

The country\u2019s customs department, however, claims that the Russian gold originally stemmed from Britain, and it further stressed that no financial sanctions were violated. Switzerland fully denied breaking any sanctions and said the 5.7 tons of bullion was originally shipped from the U.K. back in May.<\/p>\n

While the ruble\u2019s exchange rate against the greenback has dropped a hair, it remains at 56.87 per dollar<\/a>, at the time of writing on Sunday, September 25, 2022. While 30-day stats show the euro is currently down 2.82% against the U.S. dollar, the Russian ruble is up 4.32% this month.<\/p>\n

Investing.com\u2019s Geoffrey Smith says the surge for cash derived from Russians withdrawing massive amounts of money from their savings accounts. Smith further claims \u201cRussians emptied their savings accounts in the wake of Wednesday\u2019s mobilization call by President Vladimir Putin.\u201d<\/p>\n

He noted, however, that the surge in Friday\u2019s ruble withdrawals was not nearly as large as the ruble withdrawals recorded last February<\/a>. \u201cThe rise in demand for rubles led to a squeeze in interbank ruble rates, pushing the currency up in a market,\u201d Smith wrote on Friday.<\/p>\n

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\nTags in this story
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5.7 tons<\/a>, Bank of Russia<\/a>, Central Bank<\/a>, China<\/a>, China rubles for gas<\/a>, conflict<\/a>, Crude Oil<\/a>, cut rate<\/a>, DXY<\/a>, economics<\/a>, EU<\/a>, Euro<\/a>, Gas<\/a>, Geoffrey Smith<\/a>, interest rate<\/a>, OIL<\/a>, pound<\/a>, rouble<\/a>, ruble<\/a>, ruble crash<\/a>, ruble falls<\/a>, ruble plunges<\/a>, Ruble Rises<\/a>, Ruble strength<\/a>, ruble withdrawals<\/a>, Russia<\/a>, russia bank run<\/a>, Russia Ruble<\/a>, russian bank run<\/a>, russian gold<\/a>, russian sanctions<\/a>, Sanctions<\/a>, Switzerland<\/a>, Ukraine<\/a>, US Dollar<\/a>, US Dollar Currency Index<\/a>, Vladimir Putin<\/a>, War<\/a>, yen<\/a><\/div>\n<\/div>\n

What do you think about the Russian ruble\u2019s exchange rate skyrocketing this Friday and gaining 4.32% this month against the greenback? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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