The rouble plummeted into a freefall, losing as much as 19 per cent as panic swept across Russian financial markets after a surprise interest-rate increase failed to stem the run on the currency.
The rouble sank beyond 80 per dollar, a record low, before rebounding to 68 after Economy Minister Alexei Ulyukayev denied speculation that the government would turn to currency restrictions next to stop Russians from converting their money into dollars. Bonds and stocks also tumbled, with the RTS equity gauge dropping the most in six years.
The rouble sank beyond 80 per dollar, a record low, before rebounding to 68 after Economy Minister Alexei Ulyukayev denied speculation that the government would turn to currency restrictions next to stop Russians from converting their money into dollars. Bonds and stocks also tumbled, with the RTS equity gauge dropping the most in six years.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%