Russian authorities stem ruble panic
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weaker rubleCNBC
•Russia tries to stem panic over the plummeting ruble, as the central bank is forced to intervene
83% Informative
Russian authorities are trying to stem panic over the ruble's sharp fall this week .
The ruble weakened to 114 against the greenback on Wednesday , hitting its lowest level since March 2022 .
Russia 's central bank was forced to intervene on Wednesday to try to prop up the currency.
President Vladimir Putin said there was no need to panic and that the currency's fluctuations were affected by budget payments and seasonal shifts.
Russia 's economy appears to be "an overheated economy that is struggling to support its war effort [and] exhausts its resources," an analyst says.
The ruble is down 35% since August .
Russian officials have been quick to downplay the ruble's drastic weakening and blame sanctions for it.
VR Score
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