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Ruble Slides 1.7 Percent, Oil Price Drops To 11-Year Low

The Russian currency has dropped to 74.58 per dollar, the weakest ever on a closing basis.

The ruble lost 1.7 percent against the dollar on January 6 as the Chinese currency retreated to a five-year low, raising the risk that developing countries will have to weaken their currencies to stay competitive.

Meanwhile, Russia's main stock market, the Micex, also declined before a two-day holiday.

Another major drag on emerging markets was the price of oil, which slid 4.1 percent below $35 a barrel in London for the first time in 11 years.

World oil prices have plunged 70 percent since mid-2014, driven by surging U.S. production and weak demand in many countries due to slow economic growth.

More recently, increased tensions between Saudi Arabia and Iran have curbed speculation that OPEC members will agree to production cuts to boost prices.

Based on reporting by Bloomberg and the BBC

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