Rouble devalued for fifth time in month

Russia devalued the rouble for the fifth time in a month, widening its trading band against the dollar and euro after reserves fell $161 billion defending the exchange rate.

Bank Rossii extended the amount the rouble can decline against a target exchange rate to 7.7 percent, from 6.7 percent yesterday and 3.7 percent a month ago. The band was widened by 30 kopeks yesterday, said a spokesman who declined to be identified on bank policy. The currency weakened 0.7 percent against the basket.

"They don't have a choice but to let it weaken and the faster they do it the better," said Beat Siegenthaler, head of emerging markets strategy in London at TD Securities Ltd.