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Russian central bank ready to step in to stop ruble panic

A board lists foreign currency rates outside an exchange office in central Moscow, on November 7, 2014Russia’s central bank said Friday it was ready to step in to protect the crashing ruble, after the currency was hammered by a day of panic selling that have sparked fears of a full-blown crisis. The ruble has lost 10 percent in value in the course of the week amid plunging oil prices and the fallout from the Ukraine crisis. Russia’s Foreign Minister Anton Siluanov attempted to assuage fears of an out-of-control slide, saying the plunge is due to “speculative” factors. “The ruble rate today is too low, soon we will see that our balance of payments is rather stable,” Siluanov told the RIA-Novosti news agency.

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