Economics
Ruble Whipsawed on Trump Syria Threat, Mnuchin Sanction Remarks
- Ruble rallies after Mnuchin remarks on Russian debt sanctions
- Trump’s Syria warning led to selloff during morning trading
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Russia’s ruble was whipsawed on Wednesday as Treasury Secretary Steven Mnuchin soothed traders by saying that his agency advised against Russian sovereign debt sanctions after President Donald Trump’s Syrian missile warning sent the currency tumbling earlier in the day.
The pledged strikes over an alleged chemical attack in Syria and the latest round of U.S. sanctions rattled markets in Moscow, driving Russia’s currency to a 16-month low in morning hours. By afternoon, after Mnuchin reiterated his opposition to debt sanctions, it had rallied to its highest in nearly two weeks.