The ruble plummeted into a freefall, losing as much as 19 percent as panic swept across Russian financial markets after a surprise interest-rate increase failed to stem the run on the currency.
The ruble sank beyond 80 per dollar, a record low, before rebounding after Economy Minister Alexei Ulyukayev denied speculation that the government would turn to foreign-exchange restrictions to stop Russians from converting money into dollars. It was trading at 68 per dollar, down 5.4 percent on the day, at 8 p.m. in Moscow. Bonds and stocks also tumbled, with the RTS equity gauge dropping the most since 2008.
