From Politico:
The ruble tumbled on Wednesday to its lowest level in over two years, as a mix of low oil prices, new sanctions against Russian businesses and burgeoning government spending on its war effort put ever-greater strain on the Russian economy.
The central bank reacted by suspending currency purchases for the rest of this year. That will restrict the supply of rubles and should support the exchange rate accordingly.
The ruble has depreciated 18.2% since the beginning of the month.
Update, 12noon CT 11/28/2024:
Ruble at 108 to the dollar now.
Addendum, 6pm CT:
Interesting picture of cumulative change in the price level, from Rosstat vs Romir.
Source: Re: Russia (October 2024).