FINANCIAL TIMES: …Russian shoppers rushed to buy goods before the currency lost more value, while some banks ran short of cash as customers stocked up on dollars and euros.
“Russia is in full-blown currency crisis,” said Alexander Moseley, fund manager at Schroders. “It is difficult to see the underlying source of stress ending”.
At one point on Tuesday the rouble tumbled to Rbs80 against the US dollar before recovering to Rbs70. It has fallen more than 50 per cent since the start of the year, reviving memories of the 1998 crash when Russia defaulted on its domestic debt – though its public finances and reserves are in a much healthier state than they were 16 years ago… (more)
