by Jason Simpkins, Outsider Club:
Really bad news coming out of Russia today…
The ruble has been in a free fall for a while now, but things took a particularly ugly turn last night.
The besieged currency plunged 19% early this morning to a new record low value of 80 rubles per dollar. This, despite the central bank’s move to dramatically raise its key interest rate from 10.5% to 17% – its highest level since 2003.
The Russian stock index shed 15%.
No doubt, sanctions and low oil prices have undermined the ruble. But this collapse emanated from rumors that Russia’s central bank printed $11 billion to bail out state-owned energy giant Rosneft.
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