From Bloomberg:
"The devaluation of Russia’s ruble gathered pace as the central bank loosened its control of the currency for the fifth time in a month... Russia has drained 27 percent of its reserves since the start of August as the central bank sold foreign currency to stymie a 16 percent decline in the ruble versus the dollar. The currency has weakened along with the Micex stock index as investors took almost $200 billion out of the country amid the worst financial crisis since Russia’s 1998 debt default as oil slumped."
Here is the rest of the story on Bloomberg.
