Collapse in Russian currency, which has been badly buffeted by a plunge of almost 40% in oil prices, prompts central bank action
Russia’s central bank was forced to step in to defend the rouble on the foreign exchanges on Monday after fears over the economy’s vulnerability to a weak oil price sent the currency to a record low against the dollar.
Moscow was forced to abandon its hands-off policy towards the rouble amid heavy selling, unmatched since the Russian debt default of 1998.