- Russia’s currency suffers worst crisis ever
- Russian Ruble has its worst single-day points drop ever
- UK equities bounce back after 3 straight days of losses
- The UK targets Russia oil ban
The Russian Ruble Pound (RUB/GBP) exchange rate tumbles again as the currency crisis deepens with no end in sight. The pair settled lower -26.07% at 0.00533. At 11:00 UTC, RUB/GBP trades up +1.31% at 0.00540.
UK prime minister’s remarks on Russian oil sanctions have crashed the RUB to GBP exchange rate to its lowest level in history.
“Something that perhaps three or four weeks ago we would never have considered is now very much on the table,” said British Prime Minister Boris Johnson.
He added that reducing dependency on Russian energy imports is something that “we’re going to do it.”
Tough economic sanctions on the Russian economy coupled with aggressive capital control to stop the flow of money out of Russia continues to drive the currency exchange rate to new historic low levels. Since the beginning of the year, the Russian Ruble lost 51% of its value against the British Pound.
Risk sentiment slightly improved on Tuesday with global equity paring losses from the first trading day of the week.
UK’s FTSE 100 bounces after 3 consecutive days of losses and was seen trading on Tuesday morning trade within a trading range of an intra-day low of 6,836 and a high of 7,008.