Ruble hits new record lows despite rate hike

MOSCOW, Dec 12 (AFP):  The ruble fell Friday to record lows as oil prices also sank, despite Russia's central bank hiking its interest rate the day before in an attempt to halt the currency's plunge and the resulting price rises.
The ruble fell to record levels of 71 against the euro and 57 against the dollar as the Moscow stock exchange opened, before rallying slightly.
Since the beginning of the year, the ruble has lost 36 per cent of its value against the euro and 42 per cent against the dollar.
The ruble fell Friday along with oil prices. Oil and gas revenues accounting for more than half of Russia's revenues.