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The US dollar jumped to a nearly two-year high and the Russian ruble sank to a record low on Thursday after Russia sent troops to invade Ukraine, while investors fled riskier assets for safe havens.

The dollar index rose 0.869 percent, heading for the largest one-day increase in percentage terms since March 2020, when US markets were in the clutches of the first wave of the Covid-19 pandemic.

The greenback reached 97.740 against a basket of major currencies, its highest level since June 30, 2020.

The Russian ruble fell 4.5 percent against the US currency to 84.96 per dollar, after hitting a record low of 89.986 per dollar.

The dollar rose 0.77 against the Swiss franc, while the Japanese yen fell 0.54 percent against the greenback to 115.61 per dollar.

The dollar also jumped against other European currencies, such as the Swedish krona, which fell 1.13 percent to 9.49 per dollar.

The euro fell 0.95 to 1.1202 dollars, while the sterling pound fell 1.1 percent to 1.3393 dollars.

The greenback has fallen recently with increased tension in Ukraine and speculation that the US Federal Reserve may be less enthusiastic in tightening monetary policy at its meeting in March.

In the cryptocurrency market, Bitcoin fell in the latest transactions 1.22% to 37 thousand and 67.89 dollars.

Ether fell 2.2% to $2,560.77.