On Wednesday, the Russia’s ruble traded steady against the US dollar, healing from the day before, Tuesday, when the central bank hiked its critical rate to 12 percent following an emergency meeting.
Russia’s ruble has slipped around 30 percent of its value against the US dollar since the beginning of the year, as Russia tussles with dropping export earnings, increasing imports, and increased military spending.
After slamming to a more than 16-month low against the US dollar on Monday, the Russian central bank boosted its key rate after the unplanned meeting on Tuesday.
Inflation has also remained heightened, despite the bank tensing monetary policy, with consumer costs increasing 4.3 percent year-on-year in July.
Moscow’s ruble may continue to bolster against other country’s currencies during the day, Bogdan Zvarich, Banki.ru analyst said in a note published by financial firms.
He added that despite the bad situation in oil prices, the ruble will be backed by Tuesday’s conclusion of the central bank to increase the interest rate.
