Ruble Rallies After Reports Russia Is Selling Foreign Currency

The ruble shot higher in early trade on Wednesday after Russian news agency Interfax reported that the Russian finance ministry has started to sell its foreign currency reserves. Against the dollar, the ruble traded at 65.2550 compared with 67.8939 in late trade on Tuesday. Earlier on Wednesday, the ruble had weakened to trade around the 72-mark, which was still stronger than the lowest-ever level of 80.1 touched on Tuesday. The slide in the Russian currency on Tuesday came as investors grew concerned that the central bank's move to hike a key interest rate to 17% wouldn't be enough to stop the selloff.