The Russian rouble is still sliding after a fresh round of US sanctions rattled markets yesterday.
The rouble fell nearly five per cent against the US dollar today with one dollar buying 63.5621 roubles. This follows a four per cent drop yesterday.
Russian stock markets were down too, with Moscow's dollar-denominated RTS index sliding 4.22 per cent to 1,048.73 after tumbling more than 11 per cent yesterday and the rouble-denominated Moex edging down 0.22 per cent to 113.75.
Shares in Rusal, Russian aluminium tycoon Oleg Deripaska's firm, dropped more than seven per cent today after halving yesterday.
Glencore today announced its chief executive will step down from Rusal's board and it will cancel a deal to swap its shares in Rusal for shares in En+, which is dual-listed in London and Moscow.
Global markets boosted by Xi
Meanwhile, other financial markets around the globe were boosted by China's President Xi Jinping's comments that the country will look to widen market access for foreign investors.
Asian markets rallied with MSCI's broadest index of Asia-Pacific markets outside Japan lifted about 0.7 per cent and Japan's Nikkei rose about 0.5 per cent.