RUB/EUR: the ruble is on track to record the biggest weekly loss ever

  • Global Sanctions and Ukraine Crisis Drive Ruble Down
  • RUB/EUR is on track for its biggest weekly loss
  • German exports fell
  • Euro falls as demand for risky assets declines

The RUB/EUR pair was seen Friday morning in a trading range of 0.008103 and 0.008867, the high of the day. During yesterday’s trading session, the pair fell -6.98% to 0.008183. Global sanctions, domestic challenges and the Ukrainian crisis continue to weigh negatively on the Russian ruble.

As of 09:53 UTC, RUB/EUR is trading up +0.75% at 0.008244.

The Russian ruble continues to reach near-record low prices against the euro. Pressured by Western sanctions and uncertainty surrounding Russia’s week-long invasion of Ukraine, the ruble’s demise continues as trading halts this weekend.

The RUB/EUR pair is on track to post its biggest weekly loss in history. Since the beginning of the week, the Russian ruble has tumbled more than -22.0% against its counterpart the euro.

Elsewhere, Germany’s trade balance contracted -2.5% in January from a 1.2% increase in December. German exports cannot ignore COVID-related restrictions and supply chain issues that have severely affected foreign trade.

The Federal Statistical Office in Germany also reported that the trade balance recorded a surplus of $9.4 billion in January, compared to a surplus of $8.1 billion in the last month of 2021.

The euro fell to a new 22-month low against the euro at 1.1008 against the greenback.