The Russian ruble plunged to its lowest level since the beginning of 2016 today after President Vladimir Putin of Russia has ordered Russian forces to begin invading Ukraine. The heavy fall in the ruble forced Russian financial markets to suspend trading in the ruble.
Russian forces fired missiles at Ukrainian cities and deployed troops on Russia’s south coast today. After President Vladimir Putin approved the launch of special military operations in eastern Ukraine.
The ruble fell 3.6 percent against the dollar to 84.0750 minutes after the market opened at 11 a.m. GMT, and tumbled 3.9 percent to a record low of 95.2425 against the euro. Prior to the order to suspend trading in the ruble
The MOEX Group, which oversees the Moscow Exchange, said trading in all markets has been suspended. and start trading again It will be announced in the next phase.
As trading on the Moscow Exchange was suspended, Russian banks increased their exchange rates significantly. Alpha Bank offered to buy dollars and euros at 91.44 and 101.11 rubles, respectively.
The RIA news agency reported that Russia’s largest bank, Esburbank, is offering Euros at 116 rubles.