Georgian national currency Lari has tumbled against the U.S. Dollar today as the news of Russia’s invasion of Ukraine sent shockwaves through global markets.
Following a day’s trading, the National Bank of Georgia determined GEL at 3.1331 per USD, marking an 11.7 Tetri drop from the previous day.
This was the steepest daily decline the Georgian currency has experienced against the USD since March 2020, during the onset of the COVID-19 pandemic.
The GEL also dipped against the Euro by 7.8 Tetris, determined at 3.5031 per EUR for tomorrow’s trading.
The development comes as GEL had begun to relatively appreciate against the USD throughout the winter, hovering between 2.9-3 in February.
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