- The Russian currency descended into freefall on Tuesday, losing almost 20% as chaos occurred across Russian financial markets. This came following the surprise decision by the Russian government to increase interest rates in an attempt to rescue the rouble from its recent decline. It sank to new record lows before regaining some lost ground after Economy Minister Alexei Ulyukayev denied speculation that the government would resort to currency restrictions next to prevent Russians from converting roubles into dollars.
- Things are looking up for yen after what has been a miserable few months as it reached a four-week high against the dollar. Speculation has grown that the global economy is stuttering, creating new interest in the yen as a safe haven currency.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.