Ruble plumbs new depths against dollar

AFP, MOSCOW: Russia’s ruble yesterday continued to plummet to new record lows against the dollar, tumbling by over 4 per cent beyond 85 to the greenback on falling oil prices.
The ruble—which has already been battered over the past 18 months by low energy prices and Western sanctions over Ukraine—also weakened to over 93 against the euro. 
Russia’s recession-hit economy relies on oil and gas for over half of its budget revenues and the authorities are coming under increasing pressure to act to stave off further damage to the currency. 
The Kremlin insisted that the ruble’s plunge was “not a collapse”, insisting the authorities would be able to stop the rot. “The exchange rate is really changing, the rate is volatile, but it is far from being a collapse,” spokesman Dmitry Peskov was quoted as saying by Russian agency Interfax.

Ruble plumbs new depths against dollar

AFP, MOSCOW: Russias ruble yesterday continued to plummet to new record lows against the dollar, tumbling by over 4 per cent beyond 85 to the greenback on falling oil prices. The rublewhich has already been battered over the past 18 months by low energy prices and Western sanctions over Ukrainealso weakened to over 93 against the euro. Russias recession-hit economy relies on oil andgas for over half of itsbudget revenues and the authorities are coming under increasing pressure to act to stave off further damage tothe currency. The Kremlin insisted that the rubles plunge was not a collapse, insisting the authorities would be able to stop the rot. The exchange rate is really changing, the rate is volatile, but it is far from being a collapse, spokesman Dmitry Peskov was quoted as saying by Russian agency Interfax.