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11 Dec 2014
Ruble hits All Time Low, crosses 55 mark
FXStreet (Mumbai) - The Russian currency plunged to record lows against the US dollar after the Russian central bank hiked interest rates, in a move to counter negative effects of falling oil prices and a weakening ruble.
The Russian central bank raised its main lending rate by 100 basis points to 10.50%. The ruble slid to all time low levels immediately after the rate hike decision was announced as markets were unimpressed after the increase in interest rate came in much below markets’ expectations of an increase of 10% to 13%. The ruble trades at 55.26 levels, losing 0.73% on the day, at time of writing.
USD/RUB Technical Levels
For the pair, support stands at 55.01 (5-day SMA) levels, below which it could extend losses to 54.808 (20-day SMA) levels.
The Russian central bank raised its main lending rate by 100 basis points to 10.50%. The ruble slid to all time low levels immediately after the rate hike decision was announced as markets were unimpressed after the increase in interest rate came in much below markets’ expectations of an increase of 10% to 13%. The ruble trades at 55.26 levels, losing 0.73% on the day, at time of writing.
USD/RUB Technical Levels
For the pair, support stands at 55.01 (5-day SMA) levels, below which it could extend losses to 54.808 (20-day SMA) levels.