The Russian ruble experienced significant fluctuations yesterday, drawing widespread attention from various markets. As the ruble crossed the 100 per USD threshold, the Kremlin quickly directed its criticism toward the central bank. In response, the central bank convened an urgent meeting where it decided on a substantial rate hike of 350 bps to curb the currency’s movement. Though the ruble eventually stabilized just below the 100 mark, it didn’t demonstrate a robust reversal. The central bank added it might consider further rate hikes if inflationary pressures intensify.