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Russian Ruble Hits Historic Low Against Dollar

People walk past a board listing foreign-currency rates against the Russian ruble just outside an exchange office in central Moscow.

The Russian ruble has reached a new historic low against the U.S. dollar after the West imposed sanctions over the Ukraine crisis.

The ruble slumped to 38.96 to the dollar after markets opened in Moscow on September 26.

The euro also rose against the Russian currency, reaching 49.65 rubles.

The United States and the European Union imposed new sanctions against Russia on September 12, targeting banks and major energy and defense firms.

They have promised to scale back or cancel the measures if Russia abides by a cease-fire in eastern Ukraine and withdraws soldiers Kyiv and the West say Moscow has sent in to support pro-Russian separatists there.

Based on reporting by ITAR-TASS and Interfax