"Central Bank Meeting Sparks Rouble's Resurgence"

The Russian rouble, which has lost a quarter of its value against the dollar since February, reversed its downward trend and rose back to the strong side of 100 against the dollar after Russia's central bank announced an extraordinary policy meeting for Tuesday, sparking expectations of another significant rate hike. The rouble had sunk to its weakest level in almost 17 months on Monday, but it recovered all intraday losses and ended the day up 1.8%. President Putin's economic adviser blamed the central bank's loose policy for the rouble's decline and urged higher rates to curb inflation and lending. The central bank has not commented on the possibility of an emergency rate hike.