• 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.

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).