![]() ![]() The Russian central bank imposed a 30% commission on foreign currency purchases by individuals on currency exchanges - a move brokers said appeared designed to curb demand for dollars - but there was little immediate impact. Russia's invasion of Ukraine and the sanctions imposed in response have led to dire warnings about the Russian economy, with JPMorgan predicting a 35% contraction in the second quarter. The longer the situation plays out, the more economic damage will be done to the Russian economy and sellers of roubles will get more and more desperate while potential buyers get more and more hesitant to hold the currency." "The bid-ask spread is a measure of liquidity and you could drive a truck through that spread. "You know trading is thin when the Bank of England and European Central Bank stop publishing quotes on the rouble exchange rate," said Brian Jacobsen, senior investment strategist for multi-asset solutions at Allspring Global Investments. In foreign markets, the rouble was recently trading at 110 per dollar, down 9.1% on the day, with bids in other platforms close to 117 per dollar. The rouble ended at 106.01 per dollar in Moscow from Wednesday's 106.02 close, after hitting an intraday record low of 118.35, down over 10% on the day.Īgainst the euro, it closed down another 1.9% at 117.60 after weakening past 125 for the first time ever during the session. The stock market remains closed and trading volume on its sovereign debt has vanished. Russia's financial markets have been thrown into turmoil by sanctions imposed over its invasion of Ukraine, the biggest attack on a European state since World War Two. MOSCOW, March 3 (Reuters) - The Russian rouble slumped to new record lows against the dollar on Thursday though it closed the Moscow session little changed, after Fitch and Moody's downgraded Russia's sovereign debt to "junk" status, with steps by the central bank and finance ministry failing to halt its slide. ![]()
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