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Russian Currency Plunges to Lowest on Record After Ukraine Attacks

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Russian banknotes and coins "rubles." Banknote with inscription "five thousand rubles" and coins of 5 and 10 rubles. Background made of money.

Russian assets crashed as military attacks across Ukraine led to emergency central bank actions, according to a report by Bloomberg on Thursday.

The ruble fell sharply to a record low, the cost of insuring Russian debt against default rose to the highest level since 2009, and stocks plunged nearly 45%, their biggest-ever rebound.

Viktor Szabo, an investor at Aberdeen Asset Management Plc stated that the ball is now on the West’s side, further contemplating whether Russia will be kept in the global financial system.

The Russian central bank made no mention of hiking interest rates, but stating will provide additional liquidity to banks by providing 1 trillion rubles ($11.5billion) in an oversight repo auction.

Policymakers have raised the benchmark rate by 525 basis points in the past 12 months to control inflation.

 

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