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Russia's Central Bank May Have Intervened to Curb Ruble Losses, Traders Say

A chain is seen wrapped around a road sign for parking, with the coat of arms of the Central Bank seen on it, near the headquarters of the bank in central Moscow.

Russia's Central Bank may have started to intervene on the foreign exchange market to curb ruble losses, three traders said Monday.

"It may have been the Central Bank," a trader at a Western bank said. The Central Bank declined to comment.

The ruble looked set for its steepest one-day fall since the Russian financial crisis of 1998 on Monday, plunging more than 6 percent against the dollar before recovering to losses of around 4 percent.

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