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17%! Russia launches a massive interest-rate hike at 1am Moscow time

The ruble jumped against the dollar after Russia sharply hiked its benchmark interest rate to halt a collapse in its currency. The Russian central bank raised its key interest rate to 17 percent from 10.5 percent, in a move it said was aimed at curbing increased devaluation and inflationary risks.

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Russia, the ruble and oil interlocked as historic drop continues…

HISTORIC drop continues as the ruble fell over 4% against the dollar on Tuesday, its biggest daily decline since 1998, after government forecasts projected a recession and a weak rouble in 2015. Also, Russian Finance Minister gives clues on oil’s next potential target.

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