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Russian Ruble Hits Historic Lows Against Dollar, Euro On OPEC Decision

The Russian ruble has fallen to historic inter-day lows against both the dollar and euro in the wake the OPEC oil cartel's decision not to cut production despite a huge oversupply in world markets.

The Russian currency lost 3.6 percent and briefly traded at the 48.66 mark against the U.S. currency, breaking the old low set on November 7 by two kopecks.

The ruble also lost 3.6 percent against the euro and touched the 60.92 level before recovering slightly.

Russia generates about half its budget revenues from energy exports.

The ruble has fallen about 30 percent this year mostly because of international sanctions imposed over Russia's role in Ukraine and the fall in oil prices.

OPEC's decision on November 27 also prompted a sharp drop in oil prices, with London's Brent North Sea crude for January delivery diving to $72.74 -- a four-year low.

Oil prices have collapsed by one-third since June.

Based on reporting by Reuters and AFP