17 Dec 2014
USD/RUB drops more than 10%
FXStreet (Córdoba) - The ruble and Russian stocks are soaring on Wednesday recovering part of previous losses, snapping a streak of seven consecutive falls. USD/RUB dropped toward 60.00, falling 13% on the day while stocks in Moscow are climbing 17% but are still down almost 50% from the price level it had at the beginning of the year.
The recovery follows days of a sharp decline, a dramatic interest rate hike and the announcement by the Finance Ministry saying that intervened in the market buying the ruble. President Putin holds on Thursday his annual press conference.
The sharp decline in USD/RUB is taking place on Wednesday despite US dollar strength ahead of the FOMC statement and as crude oil prices stabilized near multi-year lows.
The recovery follows days of a sharp decline, a dramatic interest rate hike and the announcement by the Finance Ministry saying that intervened in the market buying the ruble. President Putin holds on Thursday his annual press conference.
The sharp decline in USD/RUB is taking place on Wednesday despite US dollar strength ahead of the FOMC statement and as crude oil prices stabilized near multi-year lows.