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Ruble Falls As Oil Prices Continue To Drop

  • RFE/RL

The ruble was falling on January 13 as prices for oil, a key Russian export, hit new lows on world markets.

The Russian currency was trading at about 65 per U.S. dollar at midmorning in Moscow, its lowest rate this year, and about 77 per euro.

The ruble lost nearly half its value against the dollar last year, driven down by rapidly falling oil prices and economic troubles aggravated by sanctions imposed by the European Union, the United States, and other countries over Moscow's intervention in Ukraine.

The ruble plunged to 80 per dollar on December 16 before recovering ahead of the New Year as the government spent billions of dollars to prop it up.

Oil prices fell to their lowest in nearly six years on January 13 as concerns about a persistent global supply glut overshadowed record high imports from energy-hungry China.

Brent North Sea crude fell to $45.84 per barrel, the lowest since March 2009, and U.S. WTI crude fell to $44.90.

With reporting by Reuters and Interfax