Ruble Dives to Historic Low, Stocks Crash on Ukraine Fears | World | RIA Novosti:
"MOSCOW, March 3 (RIA Novosti) – Russia’s currency fell to a historic low on Monday as stock markets in Moscow lost more than 9 percent of their value within minutes of the opening of trading.
Such a crash was widely predicted by experts after Russia approved the use of military force in Ukraine on Saturday, prompting widespread condemnation from the international community.
Responding to what it described as “risks to financial stability,” Russia’s central bank increased interest rates by 1.5 percent Monday. The regulator has left interest rates unchanged for the last 18 months.
The dollar rose over 50 kopecks to 36.35 rubles and the euro climbed 55 kopecks to 51.2 rubles in morning trading, according to data from the Moscow Exchange.
The declines brought Russian currency plunging to levels outside the trading corridor mandated by the central bank, causing the regulator to announce that it was widening the target band by 20 kopeks."
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