The Russian ruble weakened this Tuesday by 6.73% against the dollar

The euro hit its lowest level against the US dollar since June 2020 on Tuesday and the Russian ruble fell in volatile trading as the Russian invasion of Ukraine intensified and oil prices rose.

The Russian ruble weakened 6.73% against the greenback to 114.29 per dollar, according to Refinitiv data.

The euro was down nearly 1% at $1.1104, its lowest level since June 2020. dollar It fell 0.1% against the yen, which is considered a haven. Bitcoin rose close to 4%.

The dollar index The US dollar, which measures the greenback against a basket of currencies, rose and appreciated 0.8%.

Investors were worried about the latest developments in Ukraine. Russia warned Kievans to flee their homes, and Russian commanders changed tactics to intensify the bombardment of Ukrainian cities.

US stocks were down sharply in midday trading in New York and US Treasury yields earlier fell to five-week lows.

“The likelihood of a 1970s-style global oil shock is growing, and investors are moving into safe havens as fast as they cansaid Karl Schamotta, chief market strategist at Cambridge Global Payments.

“The euro is at the forefront here, more exposed to the energy shock”, with the euro falling as oil and gas prices soar.

The Russian invasion of Ukraine is the largest assault on a European state since World War II, and has led to Western sanctions that include cutting some Russian banks from the SWIFT financial network and limiting Moscow’s ability to deploy its US$630 billion of foreign reserves.