The euro to ruble spot exchange rate was 76.49 before the market’s closure.
The ruble’s previous weakening on the spot foreign exchange market occurred at the start of February, when the dollar to ruble exchange rate was 68.42, while the euro to ruble rate was 77.51.
In 2014, the ruble lost about half its value against the dollar due to a sharp decline in global oil prices. During that period several major Russian banks became subject to sanctions by the West over Moscow’s alleged involvement in the Ukrainian crisis.
In January 2015, the Russian government presented an anti-crisis plan, stipulating 10-percent spending cuts in the hope of balancing the budget.
After that, the Russian ruble began to strengthen against the dollar and the euro.