10 Worst Performing Currencies of 2024

2. Russian Ruble

1 USD = 89.36 RUB

2024 Returns: -18.6%

The Russian ruble witnessed its steepest fall in the last week of November since the spring of 2022. In only two days, the ruble fell 10% against the US dollar. That brought the ruble down 20% since the beginning of September and over 25% from its summer highs. The November drop was triggered by US sanctions on Russian institutions, notably state-owned Gazprombank, the only major Russian state bank not sanctioned by Washington upto that point. Although the ruble has regained much ground since then, further appreciation or lasting stability will need a major decrease in geopolitical tensions and the easing of Western restrictions on Russian oil exports.