Ruble stabilizes as Russia sells more dollars

In an effort to stabilize the plummeting ruble and avert an economic crisis, the Russian government has decided to sell off its currency reserves, according to a report by CNNMoney.
 
The ruble's collapse, which has lost 50 percent of its value against the dollar this year, forced Russia to increase interest rates from 10.5 percent to 17 percent earlier this week. The move was considered a failure, prompting policymakers to announce the decision to sell its remaining $7 billion in foreign currency stocks.
 
The Russian currency rebounded 6 percent higher on the news, but some economists say the plan is merely a "symbolic" move by the central bank.

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