The Ruble Is Climbing As Russia Throws The Kitchen Sink At Its Crumbling Currency
After a brutal sell-off yesterday, the ruble is climbing this morning. The ruble is up about 2.38% at 66.426 to the dollar at 8.40 a.m. GMT.
That's because the Russian finance ministry is intervening in the currency market, according to Bloomberg. That means it's selling off a chunk of its dollar reserves to buy rubles, driving the currency's value up.
Here's how that looks:
The currency's volatility at the moment is severe. The ruble is currently up 3.81% against the dollar, after falling around 13% yesterday and 10% the day before. It's dipping back below 65 rubles to the dollar, after approaching nearly 80 yesterday. It was barely above 50 rubles to the dollar at the start of December, and 33 to the dollar at the start of 2014.
Yesterdays massive sell-off also started with a bit of a rally for the ruble so it remains to be seen if the authorities can keep this up.