The rouble is on a tear on Monday after the Russian central bank announced that it was abandoning its attempts to prop up the currency and allowing it to free float. In early trading Russia’s currency rose by over 3% touching 45 roubles to the dollar, unwinding a large chunk of last week’s heavy falls. The rally comes as the central bank released a surprise announcement that it would no longer target a set limit for the roubles value. However, it restated its commitment to intervening in currency markets if movements in the roubles value threatened financial stability. Effective …read more
Source: Business Insider
