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Russia sells off record $11.3 billion in foreign currency to prop up ruble

By Agence France-Presse
Wednesday, March 5, 2014 7:01 EDT
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Russia sold a record $11.3 billion in foreign currency to support the ruble on March 3, the so called “Black Monday” when the ruble came under unprecedented pressure due to concerns about conflict in Ukraine, central bank data showed on Wednesday.

The Russian central bank sold foreign currency to buy rubles and prevent the Russian currency from falling further, after the market reacted with panic to parliamentary approval for President Vladimir Putin’s request to allow military action in Ukraine.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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