Rouble drops to record low despite $6bn CBR intervention

Rouble drops to record low: Despite the Central Bank of Russia (CBR) spending $6bn to try and prop it up, the rouble this week slumped to an all-time low of RUB40.5 and RUB51.2o  against the dollar and euro respectively as it struggled to combat the combined effects of sanctions and plummeting oil prices. CBR chief Elvira Nabiullina nevertheless ruled out the idea of establishing a fixed exchange rate to stop a further decline. Tengrinews