Benchmark crude price drops below $60 as Russia’s dramatic move to raise interest rates to 17% fails to halt currency freefall
Drastic action by Moscow authorities to defend the Russian currency failed on Tuesday, as the rouble went into freefall to hit a new all-time low against the dollar.
Although the rouble rallied in early trading, the gains quickly unwound, with the Russian currency plunging more than a quarter to a new low of 80 per US dollar.