Much was made of the collapse of the Russian ruble when the west responded to the Ukrainian invasion. Our own president made the point repeatedly about how worthless the ruble had become. Well, not so fast. Below is the USD/RUB chart, illustrating the dollar’s value relative to the ruble. Yes, for about a week, the ruble got absolutely demolished. But since then, it’s the U.S. dollar that looks like garbage.
Indeed, for all the hoo-ha made about smashing the ruble into worthlessness, the exchange rate isn’t much different than – eight years ago!
I daresay if you surveyed 100 random members of the public, almost all of them would guess the ruble was worth almost nothing, when, in fact, over the long haul, it’s hardly budged (crazy swings in the interim notwithstanding).
Oh, and on a different FOREX note, check out how the EUR/USD is breaking support!
One last bonus chart: the dollar versus the Chinese Yuan. USD/CNY.
