Ruble down as Russia ups forex rate
Russia’s currency has tumbled more three percent against the dollar after the country’s Central Bank announced that it would raise rates for foreign-currency loans.
The latest plunge in the ruble's value came after the Bank of Russia increased the rate it charges banks for dollars using 12-month repurchase agreements by 75 basis points.
The once-battered ruble is seen as one of the best-performing currencies this year after advancing 15% in the wake of rebounding oil prices.
Russia’s currency weakened sharply last year following Western sanctions against Moscow over the crisis in Ukraine.
Meanwhile, Russia’s Central Bank announced that Moscow increased foreign reserves of gold to 39.8 million ounces as of April 1, compared with 38.8 million ounces a month earlier.
Central Bank of Russia spent over USD6 billions on gold purchases last year in an attempt to shift away from a dependency on the dollar.
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