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Rupee falls as sanctions against Russia cause the euro to weaken

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In Science and Space: The Russian ruble plunged and the euro fell against the US dollar on Monday.As Western countries stepped up sanctions against Russia over its invasion of Ukraine, investors shunned riskier currencies. Western allies cut some banks from the SWIFT financial network, restricted Moscow’s ability to use its $630 billion foreign exchange reserves, and closed airspace to Russian planes to punish Russia with new sanctions.

Brad Bechtel, global head of FX at Jefferies, told New magazine: “Except for the ruble, Eastern European currencies are clearly bearish…but at the same time they are not weakening to new record lows or anything like that”. “That’s a very understated response,” he said. Russian and Ukrainian officials will conclude peace talks on Monday and return to their respective capitals for further talks ahead of the second round of negotiations, he said, according to RIA news agency Ukrainian presidential aide Mykhailo Podolyak quoted the statement of

We are strengthening our efforts to The company also reported plans to sell. After falling 30% to an all-time low of $120, the ruble rose modestly and fell about 24% to $1 on the day as an emergency interest rate hike and other emergency measures by the Russian Central Bank narrowed losses. It traded at 111. But outside the ruble, the forex market reaction has been relatively stable, market participants said.

News of the talks helped calm some nerves and the euro held back losses, rising 0.49% to $1.1212 on the day. “The initial knee-jerk reaction pales in comparison to the actual extreme flight to safety we saw at yesterday’s opening,” said Karl Schamotta, chief market strategist at Copay. Still, traders are highly skeptical about holding euro positions, said Shamotta.

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