The Russian ruble plummeted by 8% against the US dollar yesterday in its biggest drop since the currency crisis of 1998, sparking widespread speculation that the country's central bank returned to foreign exchange (FX) markets in an attempt to stem the fall.
The Bank of Russia operated a managed exchange-rate regime until November 10, when the ruble was allowed to float amid an accelerating investor sell-off and increasing conjecture.
"As a result of the implementation of [the November 10] decis
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