The ruble falls further as trading reopens in Moscow Business

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Russia reopened local ruble trading for the first time, and it has been a torrid session so far.

The currency fell 7.8% to 113.88 against the dollar from its close on Friday when trading was halted. This is the first chance for onshore traders to react to the growing pressure on the Russian economy following the country’s invasion of Ukraine.

Russia’s central bank has already taken steps to limit the damage, including banning the sale of foreign currency. But Fitch last night downgraded the country’s debt rating, warning that a sovereign default was imminent.

Meanwhile, the Moscow Stock Exchange is still closed, extending its longest closure. Authorities are desperately trying to avoid a market meltdown when trading resumes.

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What happened overnight

Asian stocks rebounded on Wednesday after Wall Street’s decline and rising inflation in China.

Already high oil prices rose further, adding more than $2 a barrel following President Joe Biden’s ban on imports of Russian crude.

Stock indices in Shanghai, Tokyo and Sydney rose while Hong Kong fell. South Korean markets were closed for a presidential election.

Wall Street’s benchmark S&P 500 fell 0.7% amid continued unease over the impact of Russian President Vladimir Putin’s attack on Ukraine.

The Shanghai Composite Index rose 0.6pc to 3,312.39 and the Nikkei 225 in Tokyo gained 0.9pc to 25,003.44. The Hang Seng in Hong Kong slipped 0.4pc to 20,680.54.

Sydney’s S&P-ASX 200 climbed 1.1pc to 7,054.60. New Zealand, Singapore and Jakarta rose while Bangkok fell.

Benchmark U.S. crude rose $2.41 to $126.11 a barrel in electronic trading on the New York Mercantile Exchange. The contract jumped from $4.30 on Tuesday to $123.70.

Brent, the basis of international oil prices, gained $3.14 to $131.12 a barrel in London. It advanced from $4.77 the previous session to $127.98.

coming today

• Business : 888 Holdings, Ibstock, Legal & General Group, Network International Holdings, Prudential, Quilter, Tullow Oil (annual results); Biffa (commercial statement)
• Economy: Consumer price index (China)producer price index (China)