$USD/RUB hits fresh record highs above 74.00

$USD/RUB climbed to fresh all-time high above 74.00 on Tuesday as the ruble continues to be heavily sold off, having already reversed the impact of the Russian emergency rate hike.

An aggressive interest rate hike from 10.5% to 17% by the CBR triggered a short-lived recovery of the ruble that quickly faded, giving way to fresh all time lows against the dollar. $USD/RUB touched a high of 74.25 during the European session, as oil prices slump continues to weigh on the currency. 

At time of writing, $USD/RUB is trading at 74.10, up 13.5% on the day.