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Ruble Dives to Historic Low, Stocks Crash on Ukraine Fears
04.03.2014 09:14 "Agro Perspectiva" (Kyiv) —
Russia’s currency fell to all-time record lows Monday as stock markets in Moscow lost more than 11 percent after trading began, RIA Novosti reports.
Such a crash was widely predicted by experts when Russia approved the use of military force in Ukraine on Saturday, prompting widespread condemnation from the international community.
Responding to what it described as «risks to financial stability,» the central bank increased interest rates by 1.5 percent in a surprise move Monday. The hike follows an 18-month period during which the regulator left interest rates unchanged.
The dollar rose more than 50 kopeks to 36.35 rubles and the euro climbed 55 kopeks to 51.2 rubles in morning trading, according to data from the Moscow Exchange. The ruble, which has fallen steadily this year, is now at record lows against both the ruble and the dollar.
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