- Russian Ruble in free fall crashing to a new low
- Russia’s default risk jumps
- Russian stock exchange to remain closed
- Russia GDP data eyed
At the foreign exchange market, the value of the Russian Ruble sank to a new low against the Ukrainian Hryvnia adding on losses from two weeks ago. The UAH to RUB pair settled higher +36.18% at 4.7587 on Monday. The UAH/RUB exchange rate was seen trading on Tuesday morning session within a volatile trading range of an intra-day low of 3.4942 and a high of 4.7587.
Yesterday’s prices have printed a decline of nearly 30% of Russian Ruble against Ukraine’s Hryvnia.
Meanwhile, the Moscow stock exchange continues to remain close for a second consecutive week after the Russian central bank suspended trading last Monday.
Russia’s credit default swap (CDS) hit a record 2,757bps over concerns of cascading Russian defaults amid Western sanctions. Credit rating agency Moody downgraded Russia’s debt to Ca over “severe concerns around Russia’s willingness and ability to pay its debt obligations.”
Confidence plummets in both the ruble and Russia’s banking sector as Russian citizens continue to withdraw deposits from the banks.
Looking forward to the economic calendar the Russian GDP figures for the first month of the year are scheduled to be released today. The consequences of the complete shutdown of Russia from the world’s economy are expected to materialize next month when the full effect of the Western sections will be priced into the GDP data.
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