Russia's central bank raises key interest rate from 8.5% to 12% in extraordinary meeting

<p>That's a whopping 350 bps rate hike as Russia tries to stem the bleeding in the currency, which has been on a massive downtrend amid the economic fallout from the conflict with Ukraine. The central bank already hinted at a rate hike and USD/RUB did lose some ground since the announcement yesterday, now trading at 95.93 on the day.</p>

This article was written by Justin Low at www.forexlive.com.