Russia hikes rates to 13% in scramble to lower inflation and prop up the sagging ruble

• Russia's central bank just hiked interest rates to 13% to lower inflation and prop up the ruble.
• Central bankers have raised their inflation forecast for the year to 7.5% well-above the targeted 4%.
• Meanwhile, the ruble is trading close to a 16-month low against the dollar. 

Russia's central bank just hiked interest rates again in an urgent bid to quell inflation and support the sagging ruble.

The Bank of Russia raised its benchmark interest rate another 100 basis-points to 13% on Friday, marking its third interest rate hike in a row.