The ruble was down to 65 against the dollar yesterday, down from 32 against the dollar a year ago. The country has been hit this year by both the falling oil price and ongoing troubles with Ukraine.

Oil has plunged over recent weeks and Brent crude oil hit $60 per barrel this morning for the first time since 2009.

Since Russia’s rate rise from 10.5 per cent to 17 per cent at an unscheduled central bank meeting overnight, the ruble has regained some ground and is now at 61 against the dollar.

This is the second rate increase Russia has implemented this month, and the sixth this year. It previously made a smaller increase from 9.5 per cent to 10.5 per cent, as the central bank fights to stablise its currency.