According to an announcement on the brokerage’s website, Dukascopy has just become the latest brokerage to cease offering Russian ruble trading. Starting on Monday, the Swiss forex and CFDs broker will stop offering the USD/RUB currency pair at least until the 12th of January 2015.
The company has outlined that the abundance of holidays will contribute to further reduction of liquidity on the Russian forex market and the high rollover interest rates on positions held overnight. As the Bank of Russia hiked interest rates earlier this week to stem the collapse in the value of the ruble, the official key interest rate in the country was set at 17%.
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While Europe and the US go on holiday before the New Year, the Russian orthodox church celebrates Christmas in the first week of January. The first working day in Russia is the 12th of January, when Dukascopy reassesses the market conditions and decides whether it’s prudent to restore trading of the USD/RUB pair.