The Russian ruble slumped today as escalation of the conflict in Ukraine led to the threat of additional sanctions against Russia, making it very risky for traders to buy Russian asses.
The battle in the eastern region of Ukraine took lives of more than 5,000 people. The United States and the European Union, blaming Russia for the escalation of conflict, threaten to impose additional sanctions. As a result, speculators were fleeing from the ruble, which took another hit to its value.
USD/RUB climbed from 63.7152 to 67.9750 as of 19:13 GMT today.
Update: Standard & Poor’s cut Russia’s foreign currency credit rating to BB+, below the investment grade, with a negative outlook. USD/RUB jumped to 68.4577.
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