Russia hikes rates to stem rout in Rouble

Overnight Russia’s central bank hiked short-term interest rates in a bid to stem a rout in the country’s currency.

The monetary authority upped its main policy rate to 17% from 10.5% previously.

As of 07:58 the Rouble had appreciated 4.94% to reach 61.06 versus the US dollar after plumbing record lows during the previous session.