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Rouble falls back as Russian rate hike fails to ease pressure

MOSCOW, Dec 16 (Reuters) – The rouble hit a new record low against the euro on Tuesday and trimmed gains against the dollar after an overnight rate hike by Russia’s central bank failed to bolster the currency for long as oil prices dropped sharply.

The rouble opened around 9 percent stronger against the dollar following the 650 basis point rate hike, but then fell back in volatile trade.

At 0830 GMT, the rouble was up 1.3 percent against the dollar at 63.60 but was 0.6 percent weaker versus the euro at 79.33.

(Reporting by Alexander Winning, editing by Elizabeth Piper)

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