Ruble rebounds as Bank of Russia lets currency float

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The Bank of Russia today abolished constraints on the ruble exchange rate, two months earlier than planned, prompting the currency to bounce back after a 13% drop against the dollar last week.

The central bank abandoned the trading band it used to manage the ruble after the currency reached 48.6 against the dollar on Friday – its lowest level to date and 45% less than on June 27.

"As a result of the implementation of [today's] decision, the ruble exchange rate will be determined by market

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