The Ruble is Falling to Its Lowest Level Ever

The Russian ruble fell nearly 30 percent on Monday, the euro fell nearly 1 percent against the dollar, and demand for the Swiss franc, the Swiss franc and the Japanese yen increased as safe havens after Western countries imposed tough new sanctions on Russia after its invasion of Ukraine.

Western allies have stepped up efforts to impose new sanctions on Russia, including blocking certain Russian banks from accessing the SWIFT global interbank payments system, imposing restrictions on Moscow’s ability to use $630 billion in foreign reserves, and closing its airspace to Russian aircraft.

Adding to the nervousness of the markets, the Russian president put the “deterrence forces”, which include nuclear weapons, on high alert.

The ruble fell to a record 120 to the dollar, as analysts say these measures are expected to crush the country’s economy.

The euro fell 0.8 percent to $1.11745 and 129.2 yen, and fell 0.9 percent against the Swiss franc.

The dollar’s rise receded, and its index, which measures its value against six major currencies, settled at 97.128.