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Ruble Slips To Three-Year Low On Weak Oil

The Russian ruble has slumped to a three-year low as weaker oil prices have impacted the oil-dependent Russian economy.

The ruble was trading at nearly 33 rubles to the U.S. dollar.

The latest decline means the Russian currency has lost around 3.5 percent of its value so far this week, in line with a drop in world oil prices.

The Central Bank of Russia has not announced any measures to prop up the ruble.

The Russian economy is strongly dependent on oil exports, but oil prices have slumped recently as the U.S. dollar has risen to two-year highs against the euro amid the ongoing European debt crisis.

Oil is priced in dollars and a stronger dollar makes the commodity more expensive, thus reducing demand.

Based on reporting by AP and ITAR-TASS