O ruble It hit a new record low of 110 to the dollar on Wednesday in Moscow as the stock market remained closed as Russia’s financial system reeled under the weight of Western sanctions in response to the invasion of Ukraine.
O ruble it was down 7.3% on the day at 108.60 to the dollar on the Moscow trading floor, after hitting a record low of 110.0 earlier. The Russian currency has lost about a third of its value against the dollar since the beginning of the year.
The currency was down 7.1% on Wednesday against the euro at 120.50.
For the third day in a row, the ruble had losses outside Russia, trading at 115 to the dollar on the electronic platform EBS, close to an all-time low of 120 hit on Monday.
Russia responded to this move by doubling interest rates to 20% and telling companies to convert 80% of their revenues into foreign currency domestically as the central bank, now under Western sanctions, halted foreign currency interventions.
Source: CNN Brasil
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