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| Version 3 | Version 4 |
|---|---|
| Rouble regains ground as trading remains nervous | Rouble regains ground as trading remains nervous |
| (about 2 hours 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. By early afternoon, one US dollar bought 68 roubles, far fewer than the record low of 79 on Tuesday. | |
| The rouble has been hit by worries over the Russian economy, which has been affected by cheaper oil and sanctions. | The rouble has been hit by worries over the Russian economy, which has been affected by cheaper oil and sanctions. |
| Russia's Finance Ministry said the currency was "undervalued" and that it was intervening in the market. | Russia's Finance Ministry said the currency was "undervalued" and that it was intervening in the market. |
| It also gave details of the amount it spent on such action on Monday, saying it had spent almost $2bn in an attempt to stop the rouble sliding. | It also gave details of the amount it spent on such action on Monday, saying it had spent almost $2bn in an attempt to stop the rouble sliding. |
| The Russian prime minister, Dmitry Medvedev, is holding a cabinet meeting later on Wednesday. Also attending will be the heads of the energy giants Rosneft and Gazprom as well as the central bank's chairwoman, Elvira Nabiullina. | The Russian prime minister, Dmitry Medvedev, is holding a cabinet meeting later on Wednesday. Also attending will be the heads of the energy giants Rosneft and Gazprom as well as the central bank's chairwoman, Elvira Nabiullina. |
| Deputy finance minister Alexei Moiseyev said Russia was going to sell foreign currency from its treasury accounts "as much as necessary and as long as necessary". | Deputy finance minister Alexei Moiseyev said Russia was going to sell foreign currency from its treasury accounts "as much as necessary and as long as necessary". |
| The drastic 6.5 percentage point rise in Russian interest rates to 17% early on Tuesday failed to halt the slide in the currency. | The drastic 6.5 percentage point rise in Russian interest rates to 17% early on Tuesday failed to halt the slide in the currency. |
| The rate rise, which was meant to strengthen the rouble, helped it to hit 58 to the dollar early on Tuesday but the rate then collapsed to a record low of 79. | The rate rise, which was meant to strengthen the rouble, helped it to hit 58 to the dollar early on Tuesday but the rate then collapsed to a record low of 79. |
| 'Illusion' | '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. | 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, with the economy rising or falling in line with that. | Russia's economy is expected to shrink next year, although the amount by which it does is closely linked to the price of oil, with the economy rising or falling in line with that. |
| In Wednesday morning trade, the benchmark price of Brent crude oil was down 50 cents at $59.51 a barrel. On Tuesday, the Brent price had fallen below $59 before recovering. | In Wednesday morning trade, the benchmark price of Brent crude oil was down 50 cents at $59.51 a barrel. On Tuesday, the Brent price had fallen below $59 before recovering. |
| US President Barack Obama is expected to sign legislation this week authorising new economic sanctions on Russia. | 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. | 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. | "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. |