The Russian ruble is making headlines once more after having two of its most volatile days for the year next to the crude oil market. The currency has hit a new all time low this week after testing the ground above 85 Russian rubles per U.S. dollar. Exchange rate volatility was violently felt on the streets of Moscow, as retailers rushed to adjust their prices for a number of imported goods.
After hitting a new high at 85, the USD/RUB exchange rate pulled back alongside a rally in oil prices. With the pair currently trading at 78.55 Russian rubles per U.S. dollar, the worries for the Bank of Russia have not subsided yet. The central Bank’s governor Elvira Nabiullina has cancelled her attendance at the yearly economic forum in Davos, Switzerland worried about the volatility of the exchange rate.
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The Russian central bank was not the only party that became worried with the substantial volatility in the pairs involving the Russian ruble. The Moscow Exchange has announced a hike in margin requirements, while retail foreign exchange and CFDs broker FxPro has reduced the leverage available on the pair to 1:10.
The new margin requirement implemented by the dealing desk of FxPro on the Russian ruble is 10 per cent, and will become effective starting from next Monday, January 25th at 10:00 AM.