Ruble Sinks to Record as Auction Scrapped: Russia Reality Check

Markets are reacting in real time to tension in Ukraine following Russia’s March incursion into Crimea, unrest in the country’s east, where pro-Russian separatists seek autonomy from Kiev, and declining oil prices.

The ruble fell to a record for a fourth day, trading 5.2 percent weaker at 54 per dollar at 7:43 p.m. in Moscow, stretching its decline since Feb. 28, the day before President Vladimir Putin’s incursion, to 34 percent. The Micex Index rose 0.3 percent to 1,583.12, giving an advance in the period of 9.6 percent. The yield on local-currency bonds due February 2027 rose 12 basis points to 10.76 percent, bringing its increase since Feb. 28 to 240 basis points.

The chart shows the performance of stocks, bonds and the ruble, along with indicators of Russian investment risk. The top panel displays the value of the Micex Index of 50 stocks, government debt in the Bloomberg Russia Local Sovereign Bond Index, and the ruble relative to the dollar.

Credit-default swap rates on Russian bonds due in five years appear in the bottom panel. The yield gap between the nation’s debt and U.S. Treasuries and the one-month implied volatility of the ruble are also tracked.

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