On 30 October, Russia’s rouble suddenly broke from its downward spiral and surged at its fastest one-day pace in at least 11 years. Analysts covering last month’s flash rally had at least three theories to explain why the currency’s fortunes were suddenly turning positive. The first was related to rumours of a huge central bank intervention to crackdown on currency traders who were shorting the rouble. The second was a likely rate hike by the Russian central bank that could stem huge foreign currency outflows from the country. And finally, there were whispers that Russia had struck a gas …read more
Source: Business Insider
