Contagion fears ignited by ruble moves

Traders warn of contagion in currency markets


The dramatic weakening of the Russian ruble against the US dollar has led to a state of fear in foreign exchange markets as the spreads of other emerging market currency pairs widen out and participants warn of a liquidity shortage in traditionally healthy pairs.

The ruble hit above 80 against the dollar on December 16 – a drop of more than 11% and the worst intraday fall since 1998 – despite the Russian central bank hiking rates by 6.5 basis points to 17% on Monday night, as falling oil prices

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: