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Ruble Hits Another Low As Oil Gets Cheaper

The U.S. dollar and the euro have soared against the Russian currency at the opening of trading on the Moscow Exchange.

The rate on August 24 reached 70.75 rubles per $1, which is 1.65 rubles higher than the previous closing.

The euro rose 2.44 rubles higher and reached the rate of 81.08 rubles per 1 euro.

The exchange rates of both currencies are continuing to reach their highest points since February, while the price of oil, Russia's main commodity export, continued to drop on August 24.

Brent and U.S. crude oil futures hit 6 1/2-year lows as concerns about a global supply glut added to worries over potentially weaker demand from China.

U.S. crude was down 3 percent at $39.20 a barrel while Brent lost 2.4 percent to $44.40 a barrel.

Based on reporting by Interfax, TASS and Reuters