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Russian Ruble Continues Slide Against Euro, Dollar

The value of the Russian ruble contined to slide, hitting lows against the euro and the dollar not seen since early this year.

The ruble-euro rate reached more than 70 rubles and fell to 64.4 rubles to the dollar in trading on August 6.

The euro rate was the lowest since March and the dollar rate was the weakest since February.

The ruble's fall is tied to the Russian economy, which has slumped into recession due to lower oil prices and Western sanctions against Moscow because of the Kremlin's involvement in the Ukraine crisis.

The ruble lost about half of its value in 2014 but recovered slightly this year after energy prices stabilized.

Russian officials have predicted the the economy will shrink by some 2.8 percent this year and the IMF has said the prolonged Western sanctions could lead to a 9 percent drop in GDP in Russia in the medium term.

Based on reporting by Reuters and Interfax

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