Russia unexpectedly hiked interest rates yesterday and kooky billionaire investor Jim Rogers is talking about buying Russian rubles.

USD/RUB has traded in a relatively stable 25% range since the beginning of 2009 (compared to 20% for EUR/USD).

Yesterday, the pair traded below the 200-day moving average for the first time since May.

Obviously, access is a problem for lots of traders but it won’t stay that way forever. You have to keep an eye on the emerging world.