Russian central bank halts FX purchases as currency slides

Bank of Russia
Photo: Kuba/Wikimedia Commons

The Bank of Russia suspended foreign exchange purchases as the country’s currency fell sharply amid fears that Russian president Vladimir Putin might order an invasion of Ukraine. 

The ruble traded at around 79.12 against the dollar today (January 25), having fallen from around 76.7 a week earlier. Today’s rate was the ruble’s lowest on dollar markets since early November 2020.

Russia has massed troops on the Ukrainian border and Putin has made a series of aggressive public statements. Since

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