Dollar, euro rates against ruble reach all-time highs in Russia

28 February 2022, 12:02 PM

The dollar and the euro hit all-time highs against the Russian ruble at the start of trading on the Moscow Exchange on Feb. 28.

The indicators hit the upper limits set by exchange regulations: RUB 90 per $1 and RUB 101.19 per EUR 1, according to the data of the Moscow Exchange as of early Feb. 28.

There is great demand for the currency at these levels, and there are almost no sales.

In contrast, the Moscow Exchange closed trading on Feb. 25 with the forex rate set at RUB 83 per $1.

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Meanwhile, Russians are lining up en masse at ATMs to withdraw foreign currency as new sanctions designed to punish the Kremlin for its invasion of Ukraine cause the ruble to plummet.

On Feb. 28, the European Union approved a decision to freeze the assets and prohibit any transactions with the Central Bank of Russia.

In an attempt to save the ruble forex rate, the Central Bank’s Board of Directors has decided to raise its key rate from 9.5% to 20%.

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