Rouble Crashes Nearly 10% To $134 As Sanctions Bite

The rouble crashed nearly 10% to about $134 on Monday, as sanctions on Russia bite.

The rouble weakened nearly 10 per cent on Monday to about $134, pressured under the weight of Western sanctions imposed over Russia's invasion of Ukraine and as Russia's financial system teetered.

It sank to a low of $138.5 on Monday, before recovering slightly to $133.9975, still down nearly 10 per cent.

The currency closed down over 10 per cent on Friday against the dollar at 122. And at one point last week, the currency in offshore trading declined over 32% for the week, the most for any week on records back to 2007. The bid-ask spread was extensive throughout last week in what traders called a sign of evaporating liquidity.

For the week, the rouble in Moscow trade ended down more than 20 per cent against the dollar and the euro in Moscow trading as the country's economy buckled under the pressure of sanctions meant to isolate Russia in response to its invasion of Ukraine.