The ruble has tumbled to another historic low, despite an emergency attempt by Russia to prop up the rapidly declining currency.
In a surprise move late Monday, Moscow’s Central Bank dramatically raised interest rates to 17 percent from 10.5 percent.
The move came after the Russian currency experienced its largest one-day decline since Russia’s 1998 financial crisis.
The ruble briefly rebounded Tuesday, before plummeting to an all-time low. By noon in Moscow, a dollar was buying 66 rubles.
It is Russia’s most concerted effort yet to stop the devaluation of the ruble, which has lost almost 50 percent against the dollar this year.
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Source: Voice of America
