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Russian Ruble to Float

Russia's central bank says it will no longer spend billions of dollars each month trying to prevent further declines in the ruble and allow the currency to float as the market dictates. The announcement from the Bank of Russia Monday comes as the central bank has been eating through its hard currency reserves, spending $30 billion last month alone in a desperate bid to prop up the ruble. The ruble strengthened sharply on the news, trading up 3.6 percent at around 45 rubles a dollar...

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