Russia Hikes Interest Rates Despite World's Biggest Currency Surge.

Despite the world's biggest currency rally over the past month, the central bank is extending a cycle of monetary tightening that began in July when the pace of the ruble's depreciation was just picking up. (Bloomberg) -- Russia's central bank raised interest rates far more than forecast, alarmed that inflationary risks are still on the rise even after a reimposition of capital controls took pressure off the ruble. [Extracted from the article]