The ruble on March 7 collapsed against the dollar and the euro to record levels, according to data from the OTC Forex market.
According to the data at 14:18 Moscow time, the dollar was worth 139.4 rubles, the euro was trading at 152.8 rubles. During the day, the euro and the dollar strengthened against the ruble by 15%.
On March 4, the Bank of Russia lowered the official dollar and euro rates to 105.8124 and 116.5312 rubles. accordingly, it was reported that they would be effective from 5 March.
On March 3, the dollar and euro exchange rates on the Moscow Exchange renewed their historical highs. The first at the moment reached 118.35 rubles, the second – 125.065 rubles. The Central Bank suspended trading on all markets of the Moscow Exchange until March 9.
The ruble began to fall sharply against the dollar and the euro on February 24 against the background of the military operation launched by Russia in the Donbass and in Ukraine as a whole. The Central Bank began to conduct foreign exchange interventions, but later the United States and the European Union (EU) imposed sanctions on the international reserves of the Russian regulator, thereby limiting its ability to support the domestic currency. After that, the ruble accelerated the fall.