In Moscows stock exchange, the Russian currency surpassed the symbolic threshold of 100 rubles to the dollar, despite the Central Banks efforts to halt its decline.On Monday, the ruble hit a low of 100.18 against the United States dollar, the weakest since late March 2022.Its worth noting that the rubles all-time low was recorded on March 11, 2022, at 120 rubles per dollar, shortly after the onset of the conflict in Ukraine.Furthermore, the ruble continued its slide against the euro, being traded at 109.81 rubles per euro, a level not seen since March 23 of the previous year.Photo Internet reproduction.This ongoing devaluation can be traced back to an unsuccessful armed uprising around June 23-24, led by the head of the Wagner Group, Yevgeny Prigozhin.However, the Central Bank of Russias vice-president, Alexi Zabotkin, expressed confidence in the countrys financial stability while also hinting at potential interest rate hikes due to rising inflation.The rubles depreciation of 7.7% in July, coupled with a 26.4% drop in the first seven months of the year, wasnt deterred by the Central Banks recent move to suspend domestic currency purchases to stabilize financial markets.The Central Bank identified a trade imbalance as the key reason for the rubles decline, emphasizing a one-third decrease in export values since the latter half of 2022.This reduction coincided with Western sanctions capping Russian oil prices at US$60 per barrel, oil being Russias primary foreign exchange earner.These Western sanctions notably impacted hydrocarbon export revenues, as gas prices plummeted to one-tenth of their value compared to the previous year, while imports approached pre-conflict levels.