Russian Ruble Recovers Vs U.S. Dollar After Russian Finance Ministry Intervenes

The Russian Ruble snapped back from yesterday's record low against the U.S. dollar in early European deals on Wednesday, after the Russia's Finance Ministry said it is selling foreign exchange reserves on market to stem the currency's plunge.

It said a statement, the ministry of finance said that ruble was "extremely undervalued" and "is starting to sell its remaining foreign currency on the market."

It did not provide details regarding how much "remaining foreign currency" reserves it have, or intends to sell.

The government's intervention came a day after the ruble's plunge to all-time low against greenback, ignoring the Russian central bank's surprise decision to hike interest rate to 17 percent.

Plunging oil prices and western sanctions have battered the currency in recent months.

The ruble rose above the 59.00 level to 58.47 against the greenback, a 25.5 percent increase from Wednesday's new record low of 78.51. The pair ended yesterday's trading at 66.35.