Russia's central bank raised interest rates last Friday from 9.5% to 10.5% in an effort to support the falling currency and battle inflation. When that did nothing, they shocked markets by raising it again overnight from 10.5% to a whopping 17% in what some are calling an emergency move. This was their sixth interest rate hike this year to support the currency.
The central bank early on Tuesday also increased the maximum volume of foreign currency it provides to Russian banks via its foreign-exchange repurchase agreement auctions for 28 days to $5 billion from $1.5 billion.
Sadly the RUB/USD barely moved. (left image - click to enlarge)
Russia's economy still depends in large measure on sales of oil and gas, which account for about two-thirds of exports, despite liberal policymakers calling for structural 
economic reform for years.
That means swings in global oil prices have a significant impact on Russia's balance of payments, and therefore the rouble exchange rate. This will c
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