London, Dec 17 US technology giant Apple has said it has stopped selling its products in Russia online due to volitality in the value of the rouble, media reported Wednesday.
The company has stopped sales of iPhones, iPads and other products in the country after its currency fell more than 20 percent this week, BBC reported.
The rouble has lost more than 20 percent this week, despite the Russian government decision to raise interest rates from 10.5 percent to 17 percent to contain the free fall of the currency.
By Wednesday afternoon, after the government intervention, the value of the rouble in exchange market was flat with one dollar for 68 roubles.
Earlier Wednesday, the currency saw an all-time low with one dollar buying as many as 79 roubles.
Apple last month increased its prices in Russia by 20 percent after the weakening rouble left products in the country cheaper than in the rest of Europe.
Russia had spent almost $2 billion intervening in the currency market Monday, the country’s central bank said Wednesday.
It has spent around $80 billion trying to prop up its rouble this year, but despite that the currency has lost more than half its value against the dollar since January.
Cheaper oil and Western sanctions over its stance over Ukraine are the chief factors for the rouble’s free fall.
Apple Pay gets more partners
The electronic payment system Apple Pay, which allows the new iPhone to make payments in stores, has the backing of banks that dominate 90 percent of all credit cards transactions from the US, the company has announced.
The technology giant introduced the new system in September, coinciding with the launch of the iPhone 6 and the announcement of its first smart watch, the Apple Watch.
Apple said Tuesday that 10 new banks, including Commerce Bank, support its electronic payments system and institutions that support the system account for 90 percent of all card transactions, compared with 83 percent in September.
The company has said that the electronic payment system will also work with Apple Watch, which will debut on the market next year.
Apple Pay is still in its initial stage, but it has generated great interest over the possibility of it replacing wallets.