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Ruble Moves 25% Intraday; Bid/Ask Spread at Latvia Currency Exchange Goes Wild; Ruble a Buy?

By Ilene
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Courtesy of Mish.

Reader “Luke” from Riga, Latvia emailed an amusing image he took today of exchange rates at the Latvian currency exchange “Marika”.

Latvia is on the Euro.

Notes

  • Perk means buy.
  • Pardod means sell.
  • The bid/ask spread for euros to British Pounds (GBP) at this particular exchange is a hefty 4.7%.
  • The bid/ask spread for euros to Rubles (RUB) at this particular exchange is an amazing 43%.

Needless to say no one was buying rubles at that exchange.

Ruble Moves 25% Intraday

If one looked at the open vs. the close the move was only 3.18%. However, the move bottom to top was 25.64%!

Thus, wild bid/ask spreads at currency exchanges reflects wild moves in the currency itself.

Ruble a Buy?

Inquiring minds may be wondering is the Ruble is a buy or if Russian stocks are a buy. I believe they are. So does Pater Tenebrarum at the Acting Man blog – emphasis mine….

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