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Ruble Whipsawed as Exporter Dollar Sales Can’t Offset Rout

  • Mandatory FX sales aren’t yet enough to buoy ruble: Otkritie
  • Markets are paralyzed after capital controls introduced
Updated on

The ruble headed for a third day of losses, sinking as low as 110 per dollar, as Russia pressed on with its invasion of Ukraine and foreign currency sales by companies failed to stem the retreat. 

Sentiment remained bearish, with the mayor of Ukraine’s second-largest city saying residential areas were being bombed. Volumes are a fraction of their normal levels after Russia’s central bank introduced capital controls earlier in the week and shuttered local stock trading for the longest stretch since 1998.