Indonesia suspended share trading indefinitely while Russia’s most liquid stock exchange, the rouble-denominated MICEX, suspended trade for two days after blue chips posted double-digit losses in the first 35 minutes of trade, tracking hefty losses on Wall Street.

Russia’s overnight interbank lending rates spiked to nearly 9 per cent as investors turned to the money markets to raise cash. Both the MICEX and the dollar-denominated RTS exchange were suspended from 1105 local time (0705 GMT).