Russian Ruble Crashes to 77 Per Dollar Amid Oil Price Slump
(Moscow Times – themoscowtimes.com – January 13, 2016)
The Russian ruble fell to 77 against the U.S. dollar on Tuesday for the first time since December 2014 as global prices for oil continue to slide, the RIA Novosti news agency reported.
As of Tuesday morning, the Russian currency had slipped to 77.01 against the U.S. dollar and 83.80 against the euro, according to the data from the Moscow Exchange.
The official exchange rates set by Russia’s Central Bank on Monday stand at 75.95 rubles against the U.S. dollar, the lowest level since the financial collapse of 1998, according to the RBC newspaper. The official ruble exchange rate against the European currency stands at 82.8.
The weakening of the ruble comes amid the continuing decline in the global prices for oil.
February futures for Brent crude are currently trading at $30.6 per barrel, according to RIA Novosti.
The ruble has lost more than 50 percent of its value against the dollar since 2014.