Ruble claws back some losses

---

FE Team | Published: December 18, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

---

TOKYO, Dec 17 (AFP): The embattled ruble clawed back some losses in Asian trade on Wednesday after crashing to unprecedented lows, but market players were not convinced of the authorities' ability to reverse the downward trend.
The Russian currency dived to 80 against the dollar and 100 to the euro Tuesday, testing President Vladimir Putin's ability to ride out both the country's economic storm and his clash with the West.
To make matters worse, the White House announced that US President Barack Obama plans to approve tightening sanctions against Moscow over its Ukraine incursion. In late afternoon Asian trade, the dollar bought 66.80 rubles while the euro fetched 83.38 rubles.
The Russian central bank raised its key interest rate to 17.0 per cent from 10.5 per cent in a bid to prop up the currency, but the move "has failed to stabilise the ruble", said Sebastien Barbe, head of emerging market research and strategy at Credit Agricole.
The rate rise and plunging oil prices suggest "a meaningful recession next year", Barbe said in a note.
Moscow's central bank said Wednesday it had spent $1.96 billion on Monday in a bid to prop up the currency.