March 10, 2020 / 6:15 AM / a month ago

Russia's starts preemptive FX selling as rouble crashes

MOSCOW, March 10 (Reuters) - The Russian central bank will start preemptive selling of foreign currency on the market on Tuesday to lower market volatility after a steep drop in the rouble, the bank said.

The bank did not disclose the amount of FX interventions.

The central bank said it was ready to engage additional instruments to preserve financial stability, the day after the rouble fell to its lowest levels since early 2016 amid a rapid slide in prices for oil, one of Russia’s key exports. (Reporting by Andrey Ostroukh and Maria Kiselyova; Editing by Christian Schmollinger)

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