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Rouble devalued for fifth time in month

China Daily | Updated: 2008-12-12 07:57

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.

Rouble devalued for fifth time in month

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