Russian ruble plunges nearly 30% against the dollar amid sanctions over Ukraine invasion

 
INA-sources
 
The Russian ruble dived around 29% against the dollar on Monday morning in an all-time low as markets assessed the impact of sanctions on Russia amid a growing backlash against the Kremlin’s invasion of Ukraine.
 
The ruble was trading as low as 119 per dollar as offshore trading started in the morning during Asia hours, from nearly 84 per dollar the previous day, according to Factset data.
 
Russia’s central bank on Monday confirmed it had barred its brokers from carrying out sell orders from foreigners as it seeks to contain the financial market fallout. It also said it would be freeing 733 billion rubles ($8.78 billion) in local bank reserves to boost liquidity.
 
It came as the Russia-Ukraine crisis shows no sign of abating.
 
On Sunday, after days of air, sea and land assault on Ukraine, Russian President Vladimir Putin put his country’s nuclear deterrence forces on high alert.
 
Russia’s advance into Ukraine continues but Ukraine retains control of its capital Kyiv and its second-biggest city, Kharkiv. Russian military vehicles entered Kharkiv on Sunday with reports of fighting taking place and residents being warned to stay in shelters.
 
Last week, President Joe Biden responded to Moscow’s unprovoked attack on Ukraine by announcing several rounds of sanctions on Russian banks, on the country’s sovereign debt and on Putin and Foreign Minister Sergey Lavrov.
 
Source: CNBC