Moscow (AFP) – The Russian central bank announced Wednesday it would limit its support for the ruble, letting the currency which has already taken a hit from the Ukraine crisis sink to a new record low.After having recently spent billions of dollars per day to support the ruble in a flexible trading band that limited swings in the currency, the Bank of Russia said it would end its unlimited daily interventions to avoid speculation against the currency.By limiting its daily interventions to $350 million (280 million euros) the central bank is in effect letting the ruble float freely.The currency immediately …read more
Source: Business Insider
