The ruble had a shaky recovery on Tuesday, as it climbed approximately 6% higher against the U.S. dollar within the first hour of trading, according to Reuters. But the ruble then plunged back into negative territory before it rose yet again.
The ruble was approximately 2.6% stronger against the dollar at 56.81 rubles per dollar and 2.1% stronger against the euro at 69.52 at 7:30 a.m.
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Russia's currency has been extremely volatile in recent weeks after the nation's central bank floated it, which caused the market to panic.
Separately, TheStreet Ratings team rates MOBILE TELESYSTEMS OJSC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate MOBILE TELESYSTEMS OJSC (MBT) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."