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.
