Russia's 650bps hike fails to halt ruble slide

Laura Dew
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Russia has raised its interest rates to 17% to prevent further depreciation of the ruble, which has halved in value against the dollar this year.

The ruble was rose 65 against the dollar yesterday, from 32 against the dollar a year ago. The country has been hit this year by both the falling oil price and ongoing troubles with Ukraine. Oil has plunged over recent weeks and Brent crude oil hit $60 per barrel this morning for the first time since 2009.  Since Russia's rate rise from 10.5% to 17% at an unscheduled central bank meeting overnight, the ruble initially regained some ground and is now at 61 against the dollar. However, this morning has seen a fresh fall in the currency's value: the ruble was trading at over 68 agains...

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