This is one of the economic indicators Russia can’t hide, and it’s not looking good.
In 2022 when they increased interest rates to 20%, they strengthened the Ruble by a lot, doubling the value of the Ruble.
But the Ruble has been declining since, and now even with nearly as high an interest rate of 19%, it’s almost as low as the dramatic drop in 2022 that caused the hike to 20%.
This is the second time in a couple of months, and combined they are a 3% increase in a short time. And the Ruble remains at a low value.

For anyone in doubt, this is a strong indicator that the Russian economy can’t handle the pressure of the war. Russian wages are losing value fast, and investments are very expensive, so a further decline in the Russian economy is likely. Especially since there is no unemployment to draw growth from, despite the lower real value of wages.