Latest News

Russian Rouble Spiraling Further Down

0

As Russia’s aggression towards Ukraine continues, economic pressure via sanctions continues. The measures have had a significant impact on the country, weakening the rouble both internally and internationally. In Moscow, the currency has hit new all-time lows against both the euro and US dollar. Incoming inflation data may reveal the true effectiveness of the sanctions imposed on Russia.

The rouble continues its lightning-pace slide as it’s already more than 10% down from its Friday close. The currency is hitting new record lows on the Moscow exchange as it positions itself at 120 against the dollar and 130 against the euro. On offshore exchanges, the situation is even worse, as it hit 137 against the dollar. That indicates the country’s still artificially propping up currency value, pointing towards severe issues in the future.

The entire Russian financial market has been turned upside-down during the country’s invasion. The sanctions have forced the central bank to introduce several measures just to prevent a total financial collapse. As such, stock trading via the country’s leading exchange in Moscow remains closed as it’s been for numerous days. Currency trading was also cut off for a moment but has since restarted.

The central bank doubled the key interest rate to 20% as well. The Russian government has rolled out support measures, but the damage control is not enough. Russian assets are suffering from a mass selloff as investors aim to get out to reduce their risk exposure. The government is offering crisis support to financial companies to alleviate the pressure slightly.

It’s also introduced a measure to lift some of the weight off of its domestic currency, the rouble. Namely, the central bank has issued a limitation for those with foreign currency accounts. Owners of such accounts can only withdraw up to $10,000 on a six-month basis.

Support

Platform

Spread

Trading Instrument

Subscribe to our newsletter

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

Forex trading tipsInflationStock MarketStock tradingTrading Tips

Russia continues to restrict stock trading

Previous article

Stocks Staging Strong Rebound, Euro Follows, as Sentiment Improves

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News