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Ruble Hits Record Low Against Dollar

The Russian ruble fell to a new record low of 37.39 against the dollar on September 1 as tensions over the crisis in Ukraine increased and Western officials discussed the possibility of new economic sanctions against Moscow.

The ruble also slid to a five-month low of 49.27 to the euro.

Russian stocks joined the downturn, with the MICEX index closing down 0.59 percent and the dollar-denominated RTS slumping 1.06 percent.

Both indexes had even sharper decreases on August 29.

The decreases were blamed on the threat of sanctions and the reports of Russian involvement in the fighting in eastern Ukraine.

VTB Capital said the Russian foreign-exchange market "remains focused on geopolitical risks."

Based on reporting by AFP and Reuters