The Russian ruble
in the context of a global pandemic made a strong fall in relation to the first world currencies, the dollar and the euro
. The low oil
price and the unstable situation with the Russian economy made it impossible to stay at a stronger level. The central bank
was forced to let the ruble
float freely. And this led to its collapse. Stimulus programs in Europe and the US are likely to continue to strengthen the first world currencies. And this trend is likely to sink the ruble
even more. Because the recent rise in oil
prices is the only plus for the Russian economy, which already works mainly due to the commodity market.