Russia’s embattled ruble extended a week of catastrophic losses by dropping 4 percent at the opening of trading in Moscow.The world’s worst-performing currency along with the Ukrainian hryvnia, the ruble has lost more than 50 percent of its value this year. It traded at 70.7 per dollar Wednesday morning, or 4 percent lower than at the closing on Tuesday.The ruble lost over 15 percent of its value this week despite Tuesday’s massive interest rate hike by the Russian central bank.”This is a very dangerous situation, we are just a few away from a full-blown run on the banks,” Russia’s leading …read more
Source: The Jakarta Post
