Russia's rouble tumbled to record lows in onshore trading on Wednesday despite measures by Moscow to shore up its battered economy and safeguard hard currency availability amid fresh economic sanctions over its invasion of Ukraine.
Catching up after two days of market closure, the rouble jumped to 120.83 to the dollar on the Moscow Exchange before clawing back some losses to trade at 116.95 by 1200 GMT - still more than 10% softer than its Friday close.
Chris Turner, global head of markets at ING, said he expected on and offshore trading to remain wide apart as a "function of sanctioned counterparty risk." The central bank has more than doubled its key interest rate to 20% and the government has rolled out support measures, but Russian assets have been sold heavily and the rouble is now down around 30% against the dollar in Moscow since Russia sent troops into Ukraine on Feb. 24.
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