Ruble Plunges to Record as Bank Rossii Seen Selling $10 Billion

Bank Rossii poured dollars into the currency market, with traders estimating sales of about $10 billion, and raised interest rates after the threat of Western sanctions against Russia sent the ruble to a record low.

Policy makers are stepping up efforts to shore up the ruble as investor demand for Russian assets dries up after President Vladimir Putin’s military forces took over parts of neighboring Ukraine. The ruble sank 1.8 percent against the dollar today, more than any other currency tracked by Bloomberg, while the benchmark Micex stock index plunged more than 11 percent and benchmark bond yields soared.