Moscow may have a currency crisis on its hands. The Bank of Russia raised its benchmark interest rate to 9.5% from 8% on Friday in an attempt to stop a run on the ruble and stem inflation, but the ruble kept falling even after the rate hike.

The ruble has fallen sharply since September, hit new lows against the dollar almost every day in October, and is down 22% for the year. That puts it second only to Argentina as the biggest emerging-market currency loser.

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