File photo for representational purposes
Moscow: The Russian ruble traded steady against the dollar on Wednesday, recovering from the day before when the central bank hiked its key rate to 12 percent.
At closing time (1600 GMT) data from the Moscow Exchange showed the ruble at 94.67 to the dollar, clawing back some ground after Tuesday's volatility.
The ruble crashed to a more than 16-month low against the dollar on Monday leading the central bank to raise the key rate following an emergency meeting on Tuesday.
The fall had prompted one Kremlin aide to publicly criticise "loose monetary policy" in an op-ed published in state media.
The decline in the ruble and creeping inflation has triggered fears ordinary Russians' standard of living could take a hit.
The ruble has shed around 30 percent of its value against the dollar since the start of the year, as Moscow grapples with falling export revenues and higher military spending.
Inflation has also remained stubbornly high, despite the bank tightening monetary policy, with consumer prices rising 4.3 percent year-on-year in July.
The bank is next scheduled to consider the key rate on September 15.
