Russia's central bank bids to prop up the plummeting ruble by hiking interest rates to 12% at an emergency meeting

• The Bank of Russia raised interest rates by 350 basis points to 12% at an emergency meeting Tuesday.
• It's trying to prop up the ruble, which plummeted to a 16-month low this week.
• The currency strengthened in the immediate aftermath of the central bank’s latest move.

Russia's central bank hoisted interest rates to their highest level in over a year Tuesday, after policymakers held an emergency meeting to address the ruble's sudden plunge.