US Futures Slump, Ruble Quotes Up To 40% Lower As NATO Ramps Up Response To Russia's Ukraine Invasion

The Ruble’s price is ranging between 110 to 120 per dollar, as quoted by Russian banks on Sunday.

What Happened: On Friday, the Ruble had traded at around the 83 mark — the current quote is 30% to 40% below this level — while before the invasion the currency was at the 73 mark, according to a report from The Wall Street Journal.

Russia may hold off opening today, with the country’s central bank struggling to defend the country as the “next wave of sanctions on Russia rattle markets,” said Edward Moya, a senior analyst with OANDA on Twitter.

Next wave of sanctions on Russia rattle markets. Ruble collapses - Russia may holdoff opening. Russia Central Bank will struggle to defend its currency, Key moves: S&P futures down 1.8%, Wheat skyrockets 6.5%, Brent crude back above $102, Gold surges over 1.3% to $1912.

— Edward Moya (@edjmoya) February 28, 2022

Why It Matters: Both Gold and Silver futures rose at press time with the April 22 Gold COMEX up 1.5% at $1,915.40. Silver May 22 COMEX futures were up 1.6% at $24.385.

Oil futures too rose sharply with April 22 WTI Crude futures trading higher by 5.16% at $96.32 and April 22 ICE Brent Crude futures up 4.3% at $102.11.

U.S. stock futures were lower with S&P 500 futures down 2.16% at 4,285.50 and Nasdaq futures trading lower by 2.36% at 13,843.75. 

On Friday, the SPDR S&P 500 ETF Trust (NYSE: SPY) closed 2.2% higher at $437.75.

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