Affected by fresh restrictive measures by the EU against the Russian banking system and the part of the country’s economy involved in financing war against Ukraine, the Russian rouble lost over 40% of its value on Monday, February 28, British news portal The Guardian reports.
After international restrictions went into in force limiting how much the Russian central bank can do to prop up the currency, the rouble plunged 41.5% to a record low when the markets opened on Monday, February 28.
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It sank to as low as 119 roubles per dollar from 83.7 at the close of the trading session of Friday, February 27. The Russian national currency a little ground later on Monday to stand at 107 to the dollar, a fall of 28%.
The asset freeze on the Central Bank of Russia means it cannot sell foreign currency reserves to support the rouble, The Guardian reports.
Russian rouble close to free fall in value
