Russian ruble collapses after biggest rate hike since 1998 fails to save currency

The ruble is collapsing. Russia’s currency fell to a new record low of 73 rubles to the dollar on Tuesday after opening 8% stronger following Russia’s central bank raised rates by 650 basis points to 17% at 1am.

In a worrying sign for the Bank of Russia, the currency remains volatile quickly reversing the morning’s gains and snapping back to move over 12% weaker from its opening price at the time of writing.

h/t Marvin