The rouble jumped against the dollar after Russia sharply increased its benchmark interest rate in a bid to halt a…Russia’s central bank made a drastic interest rate move overnight, raising its key rate from 10.5% to 17%. The bank said the move was to try to ease the rouble’s recent fall in value. The rouble has lost almost 50% against the US dollar this year as falling oil prices and Western sanctions continue to weigh on the country’s economy.
Before the move, the dollar bought 67 roubles. The rate rise moved it up to 58 against the dollar, although it has …read more
Source: Newsbomb
