Russia's central bank intervened heavily to prop up the rouble yesterday, the first time that it has done so since the start of war with Georgia at the beginning of August, as analysts said more than $21bn of foreign capital may have been pulled out of Russia.
Yesterday, the rouble fell as low as 30.41, its weakest level since the Russian central bank adopted its euro/dollar basket in February 2007.
Before Russia went to war with Georgia the central bank's interventions were aimed at stemming the rise of the rouble, which it manages to a basket weighted 55 per cent in dollars and 45 per cent in euros.
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