Russia Moves Ruble Band Most Since March, Spends $1.85 Billion - Bloomberg

Russia Moves Ruble Band Most Since March, Spends $1.85 Billion - Bloomberg:



"Russia’s central bank shifted the ruble’s trading band yesterday by the most since March 4 after the fourth intervention this month took the amount spent to defend the currency to $1.85 billion.



The monetary authority sold $442 million on Oct. 7, data on its website show today. That excludes any interventions yesterday as the ruble slid 0.5 percent versus the target dollar-euro basket. The bank said it moved the upper band by 20 kopeks to 44.85 yesterday, a level the currency has since crossed to trade at 44.9498 by 10:41 a.m. in Moscow today. The ruble closed at 40 per dollar for the first time yesterday.



The boundary shift was the biggest since March 4 as President Vladimir Putin’s incursion into Ukraine’s Crimea region sparked a standoff with the U.S. and its allies that sent the nation’s assets tumbling. Central bank Governor Elvira Nabiullina has stepped up her defense after the ruble slid the most in the world since June, hurt by a drop in oil prices and a domestic dollar and euro shortage stemming from sanctions."



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