1/24/2022- 10:38 A.M.
Ruble Tumbles as Ukraine Tensions Rumble
The Russian stock market dropped more than 4% following two weeks of steady decline, while the national currency fell to its weakest in more than a year to 78 rubles against the US dollar.
The plunge comes amid mounting geopolitical tensions stemming from claims that Russia is planning to attack Ukraine, actively spread by EU and US officials and fueled by major Western media outlets.
Investment banking company Renaissance Capital reportedly said in a note to clients that the ruble could fall by up to 20% to the dollar in the event of a military escalation.
