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Planned Fire Drill in the R P Bell Library

Planned Fire Drill in the R P Bell Library
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Russian stocks retreat from pre-invasion high as rouble rebounds

Russia's benchmark stock index retreated on Monday from its highest since before Moscow sent troops into Ukraine on Feb. 24, 2022, after the central bank suddenly announced an emergency policy meeting on Tuesday, ending a sharp slide in the rouble. President Vladimir Putin's economic adviser blamed the central bank's "soft monetary policy" for the weakness of the currency, which has come under heavy pressure from Russia's shrinking current account surplus and demand for foreign currency outstripping supply. But after slumping to its weakest in almost 17 months past 101 per dollar, the rouble pared all intraday losses to strengthen after the central bank announced an extraordinary policy meeting, to be held on Tuesday, raising expectations for a hike in borrowing costs.

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