Online sales of Apple products were halted on Tuesday for fluctuations in the ruble. "Due to extreme fluctuations in the value of the ruble, our online store in Russia is currently unavailable while we review pricing. We apologize to customers for any inconvenience," the company said in a statement.
Currency volatility makes it harder for producers to set prices and assess conversion rates.
The ruble fell sharply on Tuesday after the Russian central bank announced that it would hike its key interest rate to 17 percent, citing rising devaluation and inflation risks.The bank had just raised the rate to 10.5 percent last week in an effort to stem a run on its currency.
However, the decision failed to strengthen the struggling currency. The ruble was last trading at 67.92 rubles per U.S. dollar, compared to 65.50 before the rate announcement on Monday.The ruble has declined some 60 percent since January as the country faces headwinds from the falling price of oil—the Russia's main export.
IN-DEPTH
- Russian Ruble in Crisis as Western Sanctions Bite
- Putin Remains Defiant as Economy Stalls
- Oil's Fall Is a Ticking Time-Bomb for Some Countries
— Karma Allen, CNBC