Ruble Slumps to Record as Russia Moves Closer to Free Float

The ruble fell to a record as Russia moved a step closer to allowing it to trade freely, abandoning policies that fueled speculation on the currency’s decline.

The ruble slid as much as 3.1 percent against the dollar before trading 2.6 percent lower at 44.7655 by 5:48 p.m. in Moscow. The exchange rate pared declines after the central bank’s First Deputy Governor Ksenia Yudaeva said further interest-rate increases have not been ruled out. Three-month implied volatility for the currency rose to a five-year high, while wagers for higher borrowing costs fell.