The Russian ruble plunged today as elections in the eastern parts of Ukraine held by pro-Russian separatists threaten the fragile peace in the region and may lead to a new round of sanctions against Russia.
Militants held elections in the Donetsk and Luhansk regions, worsening the already tense relationship between the Ukrainian government and rebels. Russia backed the elections, while Ukraine, the United States and the European Union did not accept them as legitimate. The event was considered to be very negative to the ruble, which was falling despite central bank’s efforts to stop depreciation.
USD/RUB rose from 43.0190 to 43.5316 as of 16:55 GMT today, reaching the high of 43.6114 intraday.
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