Russian ruble down sharply despite rate hike

MOSCOW — The Russian ruble has regained some ground after declining by a whopping 20 percent earlier Tuesday.

The ruble extended Monday's collapse — when it declined by 10 percent — despite the pre-dawn interest rate increase to 17 to 10.5 percent by the country's central bank.

It traded at 72 per dollar late Tuesday afternoon — more than 60 percent down from where it was in January.

The currency has been battered by sliding oil prices as well as the sanctions that the West has imposed on Russia over its involved in Ukraine.

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