
The Russian ruble on Monday plummeted to a four-month low after stabilising to a degree in spring, hurt by falling oil prices amid a global oversupply of crude.
The ruble hit the psychological threshold of 66 rubles per euro in afternoon trading in Moscow, a four-month low.
The Russian currency also edged closer to 60 rubles per dollar, weakening to 59.8 against the dollar.
The "short-term outlook for the ruble looks cloudy," said Dmitry Polevoi, chief Russia economist at ING.
"The ruble may easily test 60 against the dollar today or in the coming days, and the negative pressure may" continue.
President Vladimir Putin's spokesman Dmitry Peskov said the authorities were watching oil prices closely but stressed it was too early to draw any long-term conclusions.
The Ukrainian crisis has led to unprecedented Western sanctions on the Russian economy and last year's collapse of oil prices plunged Russia into a monetary crisis at the end of 2014 that has now become a deep recession.
The new weakening of the ruble is expected to further erode consumption. It comes after the embattled currency bounced back somewhat in recent months.
Russia's economy contracted by 1.9 percent in the first quarter of the year, the first contraction since 2009.
GMT 19:47 2018 Saturday ,06 January
Global stocks extend rally; London hits record peakGMT 19:22 2018 Wednesday ,03 January
Worldwide stocks start year on a highGMT 10:37 2018 Wednesday ,03 January
Asian markets build on gains, dollar faces further weaknessGMT 17:30 2017 Sunday ,31 December
London stocks end year on record highGMT 18:04 2017 Thursday ,28 December
Miners boost stocks in thin holiday tradingGMT 18:51 2017 Monday ,25 December
Oman’s share index falls on lack of buying supportGMT 08:49 2017 Sunday ,24 December
'Virtual gold' may glitter, but mining it can be really dirtyGMT 17:45 2017 Saturday ,23 December
Madrid stocks sink on Catalan woes; London hits record
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor