USD/RUB trimmed losses seen following the CBR’s rate hike. The pair has fallen as low as 41.22 after the central bank hiked its benchmark interest rate from 8% to 9.5% to arrest the currency’s fall. The RUB’s fall does suggest that market participants may have expected even stronger measures from the CBR. Since inflation still poses threat, it is possible that the CBR may consider further steps aimed at boosting the rouble.
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