The rouble has slumped by as much as 40% against the dollar, after Western nations announced new sanctions against Russia over its invasion of Ukraine.
The new record low for the Russian currency comes after some of the country’s banks were banned from using the Swift international payment system.
Yesterday, Russia’s central bank appealed for calm amid fears that there could be a run on the country’s banks.
Growing tensions also helped push Brent crude oil above $100 (£75) a barrel.
The move by the European Union, United States and their allies to cut off a number of Russian banks from Swift is the harshest measure imposed to date on Moscow over the Ukraine conflict.
The assets of Russia’s central bank will also be frozen, limiting the country’s ability to access its overseas reserves.
Investors were also wary after Vladimir Putin ordered Russia’s military to put its deterrence forces, which include nuclear weapons, on “special alert”.