USD/RUB rose to all-time high around 90.00 on war jitters

USD/RUB clocked record tops around the 90.00 mark.
Russian stocks retreat nearly 50%, the largest drop on record.
The Russian central bank (CBR) will start FX intervention.

Pablo Piovano FXStreet

Following the Russian attack on Ukrainian soil, the ruble depreciated to all-time lows vs. the dollar and lifted USD/RUB to the 90.00 region on Thursday.

USD/RUB now looks to the CBR

The ruble remains well on the defensive following the recent geopolitical events, pushing USD/RUB to an all-time peak around the 90.00 mark on Thursday.

The start of the Russian invasion to Ukraine sparked a wave of selling pressure on Russian stocks, forcing the MOEX index to retreat nearly 50% after resuming operations.

In addition, the Bank of Russia announced it will start FX intervention in order to prevent a crisis in the domestic currency.

USD/RUB levels to watch

So far, the pair is up 5.09% at 85.62 and faces the next hurdle at 90.00 (all-time high Feb.23). On the downside, a breach of 80.41 (monthly high Jan.26) would aim for 76.01 (55-day SMA) and finally 74.25 (monthly low Feb.10).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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