Russian Rouble Falls To All Time Low

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Russian Rouble Falls To All Time Low

Russian Rouble Falls To All Time Low

The Russian rouble suffered a fall of about 40 percent on Monday against the United States dollar amid tensions over the Russian invasion of Ukraine and fresh sanctions announced by the Western nations against Russia. It was a record low fall of as low as 119 per USD on Monday morning.

The Western nations have removed Russian banks from the global SWIFT payment system. The Central Bank of the Russian Federation has responded to the sanction by taking various measures in stabilizing the domestic markets.

Meanwhile, Russian President Vladimir Putin has put on high alerts its nuclear-armed forces and this has further escalated tensions in the region. This move has further flocked the investors to safe-haven currencies like USD and yen.

The United States, United Kingdom, European Union, Australia, Canada and Japan earlier announced a raft of sanctions against Russia. The measures include preventing the central bank of Russia from using its foreign reserves, restricting Russian flights from using European airspace, banning Russian state media and removing Russian banks from the global SWIFT payment system.

Australian economist Time Harcourt said the world will not be buying the Russian currency when the market opens. Meanwhile, the euro fell 0.76 percent against the USD and is at $1.11855. It earlier sank as much as 1.34 percent. It lost 0.73 percent to 129.265 yen and simultaneously was lower by 0.60 percent against the Swiss franc. The Aussie fell by 0.75 percent against USD while New Zealand's kiwi slid by 0.79 percent against the same.

Other updates from the war zone include the Russian army having announced that Ukrainian civilians can leave Kyiv freely and Belarus is the venue for talks between the delegates of both countries. Australia is learned to be sending lethal weapons to Ukraine and Google has disabled the live traffic feature on its map for Ukraine.

Meanwhile, Russia's Central Bank has increased the key rate to 20 percent to keep inflation under control amid the crippling Western sanctions. The previous rate was 9.5 percent. Ukraine simultaneously lifted the weekend curfew in the capital city Kyiv to enable foreign students to make their way to the railway station for onward journey. Special trains have been added to evacuate the city.

The UN Security Council has called for a special emergency meeting later this week to vote on a resolution to hold accountable the Russian government for invasion and devastation in Ukraine.

Meanwhile, Russian forces continued overnight missile strikes in several cities of Ukraine including Zaporizhzhia, Zhytomyr and Chernihiv. Air raid sirens were heard throughout the night in various places.

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