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this post was submitted on 12 Aug 2023
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Via WSJ
Seems like it dropped during the initial invasion or some time after? Then jumped dramatically and slowly ticking back down.
Manipulating the currency exchange rate is one of the favorite activities of corrupt autocratic governments.
It's a method to give the impression that the full scale invasion did not hurt their economy, hell it even made it better.
However, you can keep up the facade for only so long until the natural forces of the market overpower and break it.