Ruble plummets on Fed rate hike expectations
As speculation on the timing of a Fed rate hike heats up
Since the highs of April this year, the ruble has lost 30% of its value against the US dollar. During this past week alone the currency has dropped 10% as the debate about when the Federal Reserve plans to raise interest rates gears up a notch.
The falls aren't quite on the same scale as in 2013, when fears of an end to quantitative easing by the Fed significantly weakened emerging market currencies. From the highs of 2013 to the lows of 2014, the USD/RUB exchange rate saw a devaluation of more
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