The ruble has lost a third of its value in Moscow exchanges since Russia invaded Ukraine last month, as the local economy buckles under the pressure of sanctions imposed across the world in retaliation for the invasion.

President Volodymyr Zelensky said Ukraine had reached a "strategic turning point" in the conflict with Russia, but Russian forces bombarded cities across the country in what Moscow refers to as a "special operation," and appeared to be regrouping for a possible assault on the capital Kyiv. 

On Friday, United States President Joe Biden joined allies to hit Moscow on trade and shut down development funds, while announcing a ban on imports of Russian seafood, vodka and diamonds. 

The ruble closed 3.7 percent stronger for the day against the dollar at 114.2525 on the Moscow exchange, while for the week, it fell 8.1 percent, having lost over 32 percent of its value over the past three weeks.

Offshore bids were indicated at 125.50 on Refinitiv and bid 135.00 to the dollar on EBS.

The currency has fallen as much as 39 percent this year in Moscow, while offshore bids have seen even larger declines, by far the worst performing currency in the world this year. Wide bid/ask spreads showed how illiquid trading has become.

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