The Russian ruble sank today, halting it biggest weekly rally in 16 years. The drop was substantial though it did not erase the weekly gain completely.
The ruble was rallying with the help of Russia’s government and the central bank. Yet without fundamental reasons for a rally, it was hard to the Russian currency to continue move up. The ruble lost 38 percent of its value in 2014 — the worst year since 1998 when Russia defaulted on its local debt.
USD/RUB jumped 3.29 percent to 53.7998 as of 11:41 GMT today.
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