The Russian ruble tumbled on Thursday after the Russian Central Bank sent a signal that its currency had gotten too strong. The currency was down about by as much as 2.7% to 50.6370 rubles to the dollar after closing above 50 per dollar for two days. In morning trade on Thursday, the ruble was trading at around 50.10 to the dollar. On Thursday, the Russian Central Bank announced that it would start buying $100 million to $200 million per day “to replenish reserves,” but several analysts stated that the move signals that policy makes think the ruble is getting too …read more
Source: Business Insider
