“Rising demand for foreign currency meant that U.S. dollars and euros were unavailable at some Russian banks and exchange points Friday as the ruble went into free fall during morning trading. The Russian currency nosedived after markets opened, hitting a historical nadir of 48.64 against the greenback and shooting past 60 per euro for the first time. The dramatic rout meant that the ruble had lost over 10 percent against the dollar in the 48 hours after the Central Bank announced Wednesday that it was capping market interventions to defend the ruble at $350 million a day. The bank has sold over $70 billion worth of foreign currency this year and still has just over $420 billion still available.”
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