Russia raises the interest rate to 7.75%, USD/RUB dips

Russia's central bank raised the interest rate from 7.50% to 7.75%. Markets had not anticipated the Moscow-based institution led by Governor Elvira Nabiullina to change rates. 

USD/RUB trades a tad lower after the announcement, at around 66.30.

The Russian economy suffers from sanctions and falling oil prices.