Russia’s central bank sold $700m in foreign exchange on Monday in its first intervention in support of the rouble since it floated the currency on November 10.
The central bank’s announcement yesterday comes after comments from some traders that the authorities had intervened, albeit more lightly, when the rouble lost 6 per cent against the dollar on Monday. This was the largest single-day fall since the 1998 financial crisis.
After the data came out, the rouble continued to slide against the dollar after opening almost flat. It was down 1.58 per cent at 54.87 against the greenback in Moscow morning trading.
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