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Capital Controls Specter Looms as Rates Fail to Buoy Ruble

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Russia’s failure to halt its currency plunge has strategists and investors saying capital controls may be the only remaining option.

The ruble plunged as much as 20 percent today, reversing an initial rally after the Bank of Russia increased interest rates by the most since its 1998 default. The central bank has spent more than $80 billion of reserves fighting this year’s worst currency rout. Economy Minister Alexei Ulyukayev said today Russia isn’t considering limits on currency movements.