(Reuters] – On Friday the Russian rouble rose against the dollar in light on-and offshore trading. But the third week of heavy losses was over. The central bank has now restricted access to foreign currencies.

Since Russia invaded Ukraine in April, the rouble lost about a third its value on Moscow exchanges. The local economy is now suffering from the sanctions that have been imposed around the globe in retaliation.

According to President Volodymyr Zeleskiy, Ukraine has reached a strategic turning point in its conflict with Russia. However, Russian forces bombed several cities in Ukraine in what Moscow calls a special operation and seemed to be preparing for an attack on Kyiv.

Joe Biden, the United States President, joined his allies in sabotaging Moscow’s trade. He also shut down funds for development and announced a ban on Russian imports of seafood, vodka, and diamonds.

For the day, the rouble was 3.7% more expensive than the dollar at 114.2525, Moscow Exchange. However, for the week it dropped 8.1% after losing over 32% over the last three weeks.

Offshore bids could be found at 125.50/140 in Refinitiv, and at 135.00 dollars on EBS.

Moscow has seen a currency decline of 39%, and offshore bids saw even greater drops. This year, the currency is the most underperforming in the world. The spreads between bid and ask were wide, demonstrating how inliquid the trading market has become.

Goldman Sachs, NYSE:), raised its year end inflation forecast from 17% to 20% partly because of further declines in the rouble.

Jane Foley, Rabobank’s currency strategist said that “This market isn’t a pure one so it is hard to see what the price really is.” The outlook for the ruble is dependent on whether Russia’s energy and produce are available again in the global economy.

The rouble rose more than 3% against the euro to 121.03 Moscow, after it had fallen to an intraday record low of 132.4175 Thursday. The rouble dropped 1.7% in the last week, and 28% for three weeks.

The central bank ordered that trading on the equity markets remained closed Friday.

Vedomosti, Russian newspaper for business, claimed, citing sources that central banks and Moscow Exchange had been discussing the possibility of restarting local securities trading in stages next week. Vedomosti heard that main points of discussion were about how to begin trading so as not to cause price collapses.

The central bank placed restrictions Thursday on the access of local businesses to foreign currency cash. This follows earlier restrictions that restricted citizens’ access hard-currency money.

Between March 10 and Sept. 10, entrepreneurs and local businesses can request U.S. dollar, Japanese yen or British pounds in cash. This is only for the purpose of paying overseas work travel.

Russia is currently facing the most serious crisis in its economy since 1991’s collapse of Soviet Union. This was after severe sanctions were imposed by the West on nearly the whole Russian financial system and corporation.

Russia will also have to pay $117 million on Wednesday for the two coupon on its external dollar-bonds. Russia has a grace period of 30 days to pay the amount, but if it does not make it next week it will be closer to its first major foreign default in over a century.

On Friday, the central bank will meet, having more than doubled its interest rate in February, from 20% to 20%.