Russia's ruble fell to a record low on Tuesday against the dollar, sending jitters to consumers and the government of President Vladimir Putin.

The Central Bank's last ditch attempt to save the country's currency, through a sharp rise in interest rates, failed to stop the selling while buyers in the capital, Moscow, rushed to purchase imported items before prices go up more.

Like Us on Facebook

The ruble was down to a an all-time low of 80 to a dollar --- a catastrophic 24 percent drop --- before making a recovering at 72 to the dollar by late Tuesday afternoon. A rare interest rate hike of 6.5 percentage points by Russia's Central Bank did little to defend the currency.

The ruble's downward spiral sent Russians buying imported cars, washing machines, television and other household appliances before stores charge more for the items.

Economic growth driven by oil revenues has been the centerpiece of Putin's popularity but slumping oil prices and Western sanctions are eroding support for the president.

The Kremlin has blamed the United States and the European Union for Russia's misfortune, saying the West of was counting on economic difficulties to change leadership.

Besides economic sanctions, a slump in oil prices to as low as US$56 a barrel from a record high of US$107 also weighed on the ruble. A lion's share of state funds are derived from oil revenues.

State-run broadcasters were trying play down the intensity of the crisis but some government officials appeared rattled.

Russian media quoted Deputy Central Bank chairman Sergei Shvetsov as saying the situation is critical, adding officials could not have imagined what could only happen in their nightmares.

Tagsruble, Russia, russian economy, Russian market, Russian sanctions