One thing to keep in mind - the price of the ruble doesn’t magically go down with intent. The quoted price moves with sales. So picture a scenario where litera

One thing to keep in mind - the price of the ruble doesn’t magically go down with intent. The quoted price moves with sales. So picture a scenario where literally nobody wants to buy the ruble. The price would literally remain unchanged. This may sound obvious but it does become a factor in extreme circumstances like this where trading volume is reduced. Now consider the actions the Russian central bank is using to shore up the ruble. First, they doubled interest rates to 20%. That makes owning an asset like the ruble (that has substantial principal risk) more attractive because you’ll be getting substantial income while holding it. Second, they also ordered Russian companies to sell 80% of their foreign currency revenues. This puts upward pressure on ruble and downward pressure on everything else. https://tradingeconomics.com/russia/interest-rate https://tradingeconomics.com/russia/interest-rate