On Monday morning, the Russian ruble hit an all-time low against the dollar, as markets assessed the impact of sanctions on Russia amid a mounting reaction to the Kremlin’s invasion of Ukraine.
According to Factset statistics, the ruble was trading as low as 119 per dollar as offshore trading began in the morning around Asia hours, down from almost 84 per dollar at the previous closing. During the Asian afternoon hours, the ruble recovered some of its losses and last traded at 105.27.
As part of its efforts to minimise the financial market damage, Russia’s central bank revealed on Monday that its brokers had been prevented from carrying out sell orders from foreigners. It also announced that 733 billion rubles ($8.78 billion) in local bank reserves will be released to help increase liquidity.
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