USD/RUB spikes to weekly highs near 61.70 after PM Medvedev resigns

Russian Prime Minister Dmitry Medvedev and his government have given their resignation to President Vladimir Putin, Russian news agency TASS announced on Wednesday, per Reuters.

With the initial reaction, the USD/RUB pair spiked to a fresh weekly high of 61.6848 before pulling back. As of writing, the pair was up 0.2% on the day at 61.5650.

According to the report, President Putin will decide the makeup of the new government and has ordered the outgoing government to fulfil its responsibilities until a new government is appointed.