Russian Ruble Recovers Vs U.S. Dollar After Russian Finance Ministry Intervenes
December 17 2014 - 4:30AM
RTTF2
The Russian Ruble snapped back from yesterday's record low
against the U.S. dollar in early European deals on Wednesday, after
the Russia's Finance Ministry said it is selling foreign exchange
reserves on market to stem the currency's plunge.
It said a statement, the ministry of finance said that ruble was
"extremely undervalued" and "is starting to sell its remaining
foreign currency on the market."
It did not provide details regarding how much "remaining foreign
currency" reserves it have, or intends to sell.
The government's intervention came a day after the ruble's
plunge to all-time low against greenback, ignoring the Russian
central bank's surprise decision to hike interest rate to 17
percent.
Plunging oil prices and western sanctions have battered the
currency in recent months.
The ruble rose above the 59.00 level to 58.47 against the
greenback, a 25.5 percent increase from Wednesday's new record low
of 78.51. The pair ended yesterday's trading at 66.35.
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