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Russia continues to crumble

December 17, 2014

The question to keep in mind, however, is what exactly the end effect of this will be on the U.S. economy?

Emergency measures by the Russian central bank Monday night, aimed at limiting the ruble’s devaluation, looked to have fallen short within hours of their announcement, with the ruble tumbling against the dollar as traders continued to dump the Russian currency Tuesday.

The Central Bank of Russia (CBR) unexpectedly hiked rates by 650 basis points in a midnight session on Monday evening. It raised its base rate to 17 percent from 10.5 percent after the ruble suffered its worst trading day for 15 years. The currency rebounded at the open on Tuesday, appreciating 9 percent against the dollar. However, the ruble soon trimmed its gains and was down for the session against the greenback by late afternoon London time.


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