Bank of Russia takes action to halt plunging rouble

The Bank of Russia has taken steps to halt the collapse of the rouble, as the currency continues to hit new record lows against the US dollar and the euro on falling oil prices.

On Monday, the central bank sold $700m in foreign exchange for the first time since floating its currency, which fell over 6% in one day earlier in the week. The Russian central bank floated the currency on 10 November in an attempt to avoid burning through billions in foreign reserves to support the currency. Russia's international reserves had already fallen to $420bn last week, down from $510bn in January. Its currency suffered some of its worst falls since Russia's 1998 financial crisis, as a result of plummeting oil prices. The rouble is currently trading at 52.88 roubles p...