Ruble Slides as Currency-Policy Inaction Outweighs Rate Surprise
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The ruble plunged a day after posting its biggest gain since at least 2003 as Russia refrained from adopting the more aggressive foreign-exchange policy that traders had anticipated following this year’s 20 percent rout.
The currency slid 2.8 percent to 47.8130 versus the central bank’s dollar-euro basket at 4:35 p.m. in Moscow and is on course for a 7.4 percent drop this month, the most since May 2012. The ruble surged yesterday as banks including Goldman Sachs Group Inc. and Commerzbank AG expected a shift away from the fixed trading-band policy that allows traders to profit from keeping short positions and betting on further depreciation.