Ruble Reaches New Record Low vs. Dollar (RSX)

Ruble weakens to 70 per dollar for first time on record.

UPDATE - Bloomberg noted Tuesday that the ruble erased a gain of as much as 10.8 percent versus the U.S. dollar.

Volatility in the ruble followed an announcement Monday that Russia was raising its key rate from 10.5 percent up to 17 percent, the largest rate hike in 16 years.

Overall, the ruble is down some 54 percent in 2014 alone.

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