Ruble rebounds as Bank of Russia lets currency float


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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