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Ruble Trading Suspended After Falling in on Russia’s Invasion of Ukraine

Adel 24 February, 2022 11:35 am Forex Market, Market Update

The Russian ruble plunged to its lowest level since early 2016 on Thursday after President Vladimir Putin ordered Russian forces to invade Ukraine, a move that prompted the Moscow Stock Exchange to suspend trading.

The ruble fell 3.6 percent against the dollar to 84.0750, and fell 3.9 percent to 95.2425 against the euro, hitting a record low before trading was suspended quickly.

While the Moscow Stock Exchange suspended trading, Russian banks raised foreign exchange rates sharply. Alfa-Bank offered to buy the dollar and the euro for 91.44 and 101.11 rubles, respectively.

The RIA news agency reported that Sberbank, the country’s largest bank, offered to buy the euro for 116 rubles.

By 0542 GMT, the ruble fell 10.5 in interbank transactions to 89.71, its lowest level ever.

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