Russian ruble plummets to record low against the dollar as Putin attacks Ukraine

Russia’s ruble plunged Thursday as the country’s military invaded Ukraine.

The dollar was up more than 10% against the Russian currency, sending the ruble to its lowest level ever against the dollar.

The ruble was trading at 89.8903 to the dollar at 8:40 a.m. in Moscow, with the greenback up 10.45% against it from the previous day. Moscow has suspended trading on all its markets, CNBC reported.

Putin declared what he called a “special military operation” early Thursday morning, just two days after sending troops into Ukraine’s eastern breakaway regions in Donetsk and Luhansk. The latest news follows months of Russian military buildup near Ukraine’s borders with troop numbers counting as many as 150,000.

The situation in Ukraine is rapidly deteriorating, and specific reports from the country are difficult to confirm.