Konstantin Sonin: Betting against the ruble is a dangerous game

The ruble -- or more precisely, the ruble-dollar exchange rate -- continues to dominate headlines from Russia. On Nov. 7 the ruble hit a record low of 48 to the dollar, a 50 percent drop in value since early 2014. Later that evening, the rate rebounded somewhat, but the overall result was the same: an enormous devaluation of the Russian currency. The ruble's decline stems in part from such external "shocks" as the fall in world oil prices and Moscow's strategy in Ukraine.