Russian ruble plunges as Central Bank announces limit to intervention — RT Business

Russian ruble plunges as Central Bank announces limit to intervention — RT Business:



"The ruble hit historic lows against the dollar and euro after the Russian Central Bank announced it will essentially cap the amount it spends to defend the currency.



The Russian Central Bank’s switch to a more proactive currency regime will allow the bank to “surprise” markets by making the ruble interventions more sporadic and less predictable. This caused the ruble to plunge in opening trading hours.



At market close in Moscow, the ruble settled at 44.91 against the dollar, and 56.10 against the euro. The ruble has lost more than 25 percent against the US dollar this year as a result of lower oil prices, the Ukraine crisis and the sanctions, along with the US winding down its stimulus program."



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