FILE - In this Tuesday, Oct. 28, 2014, photo from files people pass by an exchange rate display at a street in Moscow, Russia, showing an exchange rate of 54.42 for the ruble against the euro. The central bank announced on Wednesday, Nov. 5, 2014 that it will limit the daily volume of foreign exchange operations to 350 million dollars in order to stabilize the ruble. (AP Photo/Ivan Sekretarev, File) (The Associated Press)
MOSCOW – Russia's central bank has moved to stop the national currency's nosedive by saying it stands ready to intervene in markets.
The ruble plummeted to an a new low of 48.7 rubles a dollar Friday before bouncing back on reports about the bank's emergency board meeting. After the bank issued its statement, the currency stabilized at around 46.4 rubles a dollar.
In the statement, the central bank defended its decision earlier this week to dial back its support for the currency, which was costing it millions, sometimes billions, of dollars a day.
At the same time, it voiced Friday its readiness to increase market interventions and use other instruments to prevent the ruble from plunging further.
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