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I've been noticing that since Russian ruble started losing its value compared to other foreign currency, at some point it became at constant exchange rate of 1 RUB to 0.01 USD.
That is, every day no matter how much value the ruble keeps losing, at the beginning of a new trading day it bumps back to 0.01 USD:
enter image description here

This puts the ruble at an overall fixed value, since its previous day value is the same as new trading day's value:

enter image description here

I assume Russia's central bank is taking measures to stabilize their currency's value, but is there a reason for this specific value? And how is it possible to achieve a fixed exchange rate? Buying your own county's currency with your own foreign currency reserves?

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  • $\begingroup$ Almost certainly because the banks have largely given up on the Rouble… Test that by trying both buying and selling a few… $\endgroup$ Mar 13 at 21:04

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Currently there are quite a few restrictions on US to Russia bank operations. The answer is that Google Finance gets its data for the exchange rates from a specific service, Morningstar, who are likely abiding by the sanctions and are no longer providing a quote.

If you check elsewhere, the price is different. E.g., at xe.com they currently have

enter image description here

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    $\begingroup$ Even that graph does still have the same almost square-wave type pattern to it, though, which seems pretty odd. $\endgroup$
    – reirab
    Mar 13 at 13:13
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    $\begingroup$ The square wave pattern is probably related to the Russian central bank interventions and Russian business hours. $\endgroup$
    – fraxinus
    Mar 13 at 15:05

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