Russia’s central bank intervened on Tuesday to halt one of the biggest one day drops in the rouble in at least three years, injecting another $3.4bn as foreign investors expanded their flight from the country’s money market.

The central bank intervened after the rouble fell by 0.6 per cent against the central bank’s dollar/euro basket, that it targets under its managed float. This prompted the bank to support the rouble at 25.8950 roubles to the dollar.