Russian Ruble Tumbles To Record Low Against U.S. Dollar
December 11 2014 - 7:40AM
RTTF2
The Russian Ruble plunged against the U.S. dollar in European
deals on Thursday, despite the Russian Central bank raising
interest rate by 100 basis points to 10.5 percent to prevent the
currency's collapse.
The traders, who have been expecting for a larger hike, got
disappointed as a one percentage hike isn't sufficient to fight
inflation or strengthen the rouble, which fell 40 percent this
year.
The Bank of Russia decided to raise its key rate to 10.5 percent
to help slow consumer price growth to the target of 4 percent in
the medium run. The decision was in line with expectations.
The Ruble slipped to a record low of 55.37 against the
greenback, lower by 1.1 percent from Wednesday's closing value of
54.75.
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