Retail platform FXCM ceases ruble trade

FXCM halting ruble trading: Report
FXCM halting ruble trading: Report   

Retail currency trading platform FXCM halted trading of Russia's battered rouble on Tuesday, saying it expects major traders of the currency to stop pricing the rouble this week in anticipation of the introduction of capital controls.

The rouble fell by up to 25 percent on Tuesday despite Moscow's raising of official interest rates to 17 percent from 11.5 percent overnight, prompting speculation there would be moves to halt a further exodus of capital.

Read MoreWhy Russia's monster rate hike spells trouble ahead

The currency had recovered some ground late on in London trading to stand at around 72 roubles per dollar.

FXCM said it made the move to "protect ourselves and our clients. We just don't know what will happen."

—Reuters with CNBC.com