Russia Did A Rate Hike This Morning, And It's Already Failing

It’s a rough day for Russia.

Earlier S&P cut the country’s credit rating to one notch above junk.

Then after that, the Russian central bank did a surprise rate hike (lifting its main rate from 7.0% to 7.5%) to help revive the flagging ruble.

But that’s already failing. Here’s a chart of the dollar against the ruble. The dollar is now at its highs of the day against the Russian currency.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.