MOSCOW
The ruble made a modest rally against the dollar and the euro in early trading on Thursday morning.
The dollar fell to 58.3 rubles, while the euro fell slightly further to 71.9 rubles. This comes two days after the ruble's historic plummet, when the Russian currency lost 20% of its value in one day, reaching lows of 80 and 100 to the dollar and euro respectively.
The Russian stock market also made a slight recovery. The Russian Trading System, or RTS, index showed an increase of 5.89% to 760.56 in morning trading.
Tuesday's catastrophic drop in the ruble's value followed an early morning announcement by the Russian Central Bank of a raise of the interest rate to 17 percent.
The rate hike, which was Russia's highest since the government default of 1998, took place less than a week after the bank's previous increase to 10.5 percent.
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