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Fortress Ruble Falls as Risk-Off Mood Grips Russian Currency

  • Biggest loss in four months eases pressure on central bank
  • Slide is reversal from gains propped by capital controls

Investors’ rush into the safety of the US dollar was so strong on Tuesday that it even felled the indefatigable ruble.

The Russian currency plummeted the most in four months, pulling back from a rally that’s confounded traders and politicians alike since the early days of Russia’s war on Ukraine. The currency dropped as much as 11% to 62.30 per dollar amid broad strength in the greenback that also saw the euro plunge to a two-decade low.