The RTS Index reached a low closing level of 38.53 during the 1998 Russian financial crisis.
The Russian Trading System Index, commonly called the RTS Index, plunged as investors reacted to Russia’s fiscal problems, falling commodity prices, political uncertainty, and pressure on the ruble. The crisis culminated in August 1998 when Russia devalued the ruble, restructured domestic debt, and declared a moratorium on some foreign debt payments. Russian shares had already been under severe pressure before the lowest index reading.
The RTS was especially important because it offered a widely followed measure of dollar-denominated Russian equities. Its collapse showed how rapidly confidence could disappear from an emerging market when government finances, banking stability, and currency credibility weakened together. The 38.53 figure is a historical closing level, and some accounts emphasize intraday lows or percentage losses instead. Those are related but different measurements. The crisis also contributed to the failure of the U.S. hedge fund Long-Term Capital Management.