Ruble hits new low in Moscow, rebounds outside Russia

Ruble hits new low in Moscow, rebounds outside Russia
# 03 March 2022 12:08 (UTC +04:00)

The rouble touched a fresh record low of 110 to the dollar in Moscow on Wednesday and crawled back under 100 in other trading platforms, though it remained under pressure as the country’s financial system teetered under the weight of Western sanctions imposed over Moscow’s invasion of Ukraine, APA reports citing Reuters.

The Russian stock market remained closed and trading on bonds showed wide bid-ask spreads and little volume.

The rouble fell 4.5% to 106.02 against the dollar in Moscow trade, earlier hitting 110.0, a record low. It has lost about a third of its value against the dollar since the start of the year. Against the euro, it shed 2.5% to finish the day at 115.40.

But trading outside of Russia saw the currency gain near 10% on the day toward 95 per dollar, still 20% weaker than where it traded during the first half of February.

“The rouble volatility remains extremely high which could be caused by instability of forex sales by exporters along with still increased levels of stress of market players and households in particular,” Raiffeisen said in a note.

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