Rouble Dips To All-Time Low As Market Opens
Moscow, Feb 28: The Rouble currency dipped to an all-time low versus the US dollar on Monday as markets opened for trading on the first day after western nations announced punishing economic sanctions on Russia for its invasion of Ukraine.
The Russian currency dropped nearly 30% to as low as 119 per dollar. The sanctions include blocking some Russian banks from the Swift international payments system, leading investors to anticipate a run on the Russian currency as people try to change their money for dollars and other denominations, the Guardian reported.
“The escalating crisis in Ukraine will force markets to price in a substantially higher geopolitical risk premium”. “The Ukrainian situation is volatile.”, strategists at the Australian bank Westpac stated.
