The first factor is the strength of the US dollar index. Affected by the good economic data of the United States, the date when the Federal Reserve started to raise interest rates may be earlier than the market expectation, and the US dollar index has continued to strengthen in the near future, leading to the decline of non-US dollar currencies against the US dollar.

The second is the fundamentals of Russia. Affected by the Ukrainian crisis, European and American countries want to impose sanctions on Russia. At the same time, the decline in oil prices in the commodity market has also adversely affected the Russian economy. Foreign capital flowed out of Russia, and foreign exchange reserves continued to decline, which also led to the fall of the ruble exchange rate.