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Rouble regains ground as trading remains nervous Rouble regains ground as trading remains nervous
(35 minutes later)
Russia's rouble has regained ground from Tuesday's all-time low, although trading remains edgy and volatile.Russia's rouble has regained ground from Tuesday's all-time low, although trading remains edgy and volatile.
It opened 4% lower on Wednesday, but then edged up. In early trading, one US dollar bought 66 roubles, far fewer than the record low of 79 on Tuesday.It opened 4% lower on Wednesday, but then edged up. In early trading, one US dollar bought 66 roubles, far fewer than the record low of 79 on Tuesday.
The falls were sparked in part by fears of new Western sanctions against Russia for its stance on Ukraine. The rouble has been hit by worries over the Russian economy, which has been affected by cheaper oil and sanctions.
Russia revealed it spent almost $2bn on Monday trying to intervene in the currency market.Russia revealed it spent almost $2bn on Monday trying to intervene in the currency market.
The Russian Finance Ministry said on Wednesday it had begun selling off stocks of foreign currency in an attempt to stop a further slide in the value of the rouble.The Russian Finance Ministry said on Wednesday it had begun selling off stocks of foreign currency in an attempt to stop a further slide in the value of the rouble.
It said the currency was "undervalued" but its words and actions have had little apparent impact. Russia's deputy finance minister, Alexei Moiseyev, said it was going to sell foreign currency from its treasury accounts "as much as necessary and as long as necessary".
A drastic 6.5 percentage point rise in Russian interest rates to 17% early on Tuesday also failed to halt the slide. The Finance Ministry said the currency was "undervalued" but its words and actions have had little apparent impact.
The drastic 6.5 percentage point rise in Russian interest rates to 17% early on Tuesday also failed to halt the slide.
The rate rise, which was meant to strengthen the currency. helped it hit 58 to the dollar early on Tuesday. In later trading, however, the dollar at one stage bought as many as 79 roubles.The rate rise, which was meant to strengthen the currency. helped it hit 58 to the dollar early on Tuesday. In later trading, however, the dollar at one stage bought as many as 79 roubles.
The rouble has lost more than half its value against the dollar this year, hit by cheaper oil and Western sanctions which have both weakened the Russian economy. 'Illusion'
The rouble has lost more than half its value against the dollar this year, hit by Western sanctions and the fall in the oil price which have both weakened the Russian economy.
Russia's economy is expected to shrink next year, although the amount by which it does is closely linked to the price of oil.
US President Barack Obama is expected to sign legislation this week authorising new economic sanctions on Russia.
However, the German government's co-ordinator for relations with Russia, Gernot Erler, said oil prices, and not sanctions, were the reason the Russian economy was struggling.
"It's an illusion to think that if the sanctions were to fall away tomorrow, the Russian economy would suddenly be all right again," he said.