Rouble up from record low, sell-off hits stocks as Russia invades Ukraine

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The rouble bounced off all-time lows on Thursday as the central bank announced FX interventions after President Vladimir Putin ordered Russian forces to invade Ukraine, a move expected to trigger new harsh sanctions against Moscow.

Russian forces fired missiles at several Ukrainian cities and landed troops on its south coast on Thursday, officials and media said, after Putin authorised what he called a special military operation in the east.

For the first time since 2014, when Russia annexed Crimea from Ukraine, the central bank said it will support the rouble with foreign currency interventions to shore up financial stability.The central bank could ease the pressure on the rouble as its gold and forex reserves are close record highs of near $640 billion, analysts say.

Yields on Russian benchmark 10-year OFZ rouble bonds , which move inversely to prices, rose to 10.93%, their highest since early 2016.

 

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And now the real spin, lies and gaslighting commence. The first casualty of war is the truth.

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