According to Jinshi Data, the Russian ruble fell sharply during the European trading session, and the exchange rate against the US dollar fell to its lowest level in more than two weeks. After the recent additional sanctions by the United States, the ruble is facing huge selling pressure.
Last week, the Russian central bank kept interest rates unchanged, and the market had expected another sharp rate hike to curb rising inflation. Jefferies analyst Brad Bechtel said it remains to be seen whether the Russian central bank or Putin will take further steps to stabilize the currency.