The Russian central bank has announced it will devalue the ruble by 10 percent as the Russian economy continues to melt down in the wake of the global economic slowdown and the decline in commodity prices according to MarketWatch.
The move by the Russian central bank counters its previous gradual devaluation policy as it tries to prop the Russian economy by deterring the outflow of foreign exchange reserves by speculators.
The exchange rate of the ruble is set against a basket of currencies. The 10 percent depreciation sets a new upper limit to 41 rubles against a basket mix of 55 percent US dollars and 45 percent euro.
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