Ruble Slides to Lowest Since December Panic on Surprise Rate Cut
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The ruble slumped to the weakest level since panic swept across Russian financial markets last month after a surprise interest-rate cut signaled the central bank no longer considered tackling inflation its primary task.
The currency tumbled as much as 4.3 percent to 71.8465 after borrowing costs were reduced by 200 basis points to 15 percent, in contrast to the expectations of all but one of 32 economists surveyed by Bloomberg. It hasn’t breached 70 since Dec. 17, a day after the currency tumbled past 80 in a rout that wreaked havoc across emerging markets.