Many countries have been negatively impacted by the Russian-Ukraine conflict.
In late February 2022, Russia invaded Ukraine by means of airstrikes and infantry. This major conflict has driven several countries’ currencies to depreciate as political stability decreased in the area.
Russia’s full-scale invasion of Ukraine began in the early morning of Thursday, February 24th 2022.
Many of January’s exchange rate fluctuations result from interest rate changes during the latter half of 2021.
Inflation remains to be the consistent driver of exchange rates this month along with a few new factors.
Many countries that were maintaining steady interest rates have decided to increase them due to rising consumer prices.
This month’s changes resulted from specific economic niches ranging from rising prices in raw resources, political instability, and an increase in tourism. COVID-19 continues to impact the economic future of certain nations as travelling restrictions are set between countries.
The COVID-19 Delta variant is widespread in several regions, particularly in Southeast Asia and various parts of Africa. The fear of a second economic lockdown negatively impacted many currencies as countries decide whether to impose further restrictions on the public.
