"Russian Central Bank Takes Urgent Action as Ruble Plunges"

The Russian rouble gave up its early gains in volatile trade after the central bank raised interest rates by 350 basis points to 12% at an emergency meeting. The rate hike was expected as the rouble had plummeted past the 100 threshold against the dollar on Monday. The central bank's intervention came after the Kremlin criticized its loose monetary policy. The rouble has lost more than a fifth of its value against the dollar since the Ukraine war began. The currency reached a near 17-month low of 101.75 on Monday and briefly traded at 92.60 on Tuesday morning.