You're reading: Business Insider: Analysts made one important mistake about the fake ruble rally, and now it’s crashing again

On Oct. 30, Russia's ruble suddenly broke from its downward spiral and surged at its fastest one-day pace in at least 11 years. Analysts covering last month's flash rally thought that the rouble was "the third-most oversold currency in emerging markets…[and was] poised to appreciate against the U.S. dollar" for weeks.

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