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Russian Markets, Ruble Plummet On Ukraine Fears

Russian stock markets opened down at least 6 percent and the ruble plunged to historic new lows on March 3.
Russian financial markets have dropped dramatically and the ruble has fallen to its lowest point ever against the dollar and the euro as concerns mount over the consequences of Moscow's intervention in Ukraine for the Russian economy.

The Moscow Exchange fell about 10 percent in the first hour of trading on March 3, although it later recovered slightly.

The ruble, already down nearly 10 percent this year, fell below 50 to the euro for the first time. It was trading below 36.4 to the dollar, also a record.

Meanwhile, in a surprise move, Russia's central bank raised its main interest rate to 7 percent from 5.5 percent.

The Bank of Russia said the hike took effect at 0700 GMT/UTC on March 3.

Based on reporting by AP and Reuters