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After the collapse - John Hardy picks through the rubble of the Ruble

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The desperate move by the Russian central bank to save the Ruble appeared to be failing in the hours after rates were hiked to 17% overnight. USDRUB rose to record levels as Russians scrambled to get rid of their rubles in shops, Apple was forced to suspend sales. So what now? Are capital controls still just around the corner or can Russia avert full blown economic collapse?     

Head of FX Strategy John Hardy picks through the rubble left by the partial collapse of the Ruble and argues that the currency is now showing signs of stabilisation.