September 26, 2022

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The ruble falls to a new record low, and the euro falls after the West tightens Russia's sanctions

The ruble falls to a new record low, and the euro falls after the West tightens Russia’s sanctions

Tokyo – ruble She fell nearly 30% to an all-time low against the dollar on Monday, while the euro fell after Western countries announced new sanctions to punish Russia for Invasion of Ukraineincluding blocking some banks from the international payments system SWIFT.

The demand for safe-haven currencies, including the dollar and the yen, after Russian President Vladimir Putin put the nuclear armed forces on high alert on Sunday, the fourth day of the largest attack on a European country since World War II.

The ruble fell to 119 per dollar RUB = EBS, and the last time it fell 28.77% at 118.

A seller of a newspaper and magazine displays ruble banknotes in Stavropol, southern Russia, January 21, 2016. (Reuters/Edward Kornienko/file photo/Reuters Photo)

The EUR = EBS fell 0.76% to $1.11855, having earlier fallen 1.34%. The single currency lost 0.73% to 129.265 yen EURJPY = EBS, and was down 0.60% at 1.03665 EURCHF = EBS.

“The escalating crisis in Ukraine will force markets to price a much higher geopolitical risk premium, (and) leave safe havens such as the US dollar supply,” Westpac strategists wrote in a note to clients.

“The Ukrainian situation is volatile, as is market sentiment, although the near-term risk-off background appears to be the wisest assumption,” they said, implying further declines for the Australian and New Zealand dollars.

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The Australian dollar fell 0.75% to 0.7183 Australian dollars = D3, while the New Zealand kiwi was down 0.79% to 0.66915 NZD = D3.

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Sterling = D3 down 0.29% at $1.33695.