Wednesday, August 24, 2016


Russian Currency Slumps To Record Low

Russia's currency has slumped to a record low, trading at 82 rubles per U.S. dollar and 89.55 per euro.

The ruble's previous all-time low was 80.10 per dollar in December 2014.

The declining value of the ruble comes as global oil prices continued to fall, trading on January 20 at around some $27.45 per barrel and even briefly going under $27 per barrel.

The ruble also is under pressure from economic sanctions that the West has imposed against Russia in response to its support for pro-Russian separatists in eastern Ukraine.

World oil prices plunged after Iran announced a few days ago that it would begin producing hundreds of thousands of barrels per day in an already oversupplied market.

Based on reports by Reuters, AFP, Bloomberg, and Interfax

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