Ruble Drops on Free-Float Speculations

The Russian ruble dropped today on speculations that Russia’s central bank will abandon defense of the currency and allow it to float freely, and this most likely will lead to even bigger slump in the future.
The Russian currency was under pressure from sanctions over the Ukrainian conflict and falling prices for crude oil. The Bank of Russia was trying to keep the exchange rate stable, spending a huge amount of its foreign-currency reserves, but was unsuccessful so far. This led to talks that the central bank may abandon interventions, allowing the ruble to drop even further.
USD/RUB rose from 42.2666 to 42.2666 as of 17:53 GMT today, reaching the high of 42.5990.

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