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The Russian ruble fell to new record lows against the dollar on Thursday, after Fitch and Moody’s downgraded Russia’s sovereign debt rating to “junk”.
Russia’s financial markets have been turbulent due to sanctions imposed for its invasion of Ukraine, the biggest attack on a European country since World War II. The stock market remains closed and the trading volume on its sovereign debt has faded.
The ruble ended trading in Moscow at 106.01 to the dollar, compared to 106.02 at the close of trading on Wednesday, after hitting a record low during the day at 118.35, down more than ten percent.
The ruble also fell against the European currency, closing down 1.9 percent at 117.60 against the euro, which exceeded 125 rubles for the first time ever during the session.
