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Russian Ruble Falls To Record Lows

The Russian ruble fell to new lows against the dollar and the euro early on November 7.

The ruble's rate hit 48 per dollar and 59.4 per euro at the opening of trading on the Moscow Exchange.

The new lows come on the heels of record levels hit at the exchange closing on November 6.

The ruble has lost about 25 percent of its value this year against the dollar and the euro despite regular intervention by the Russian Central Bank.

The bank's decision on November 5 to limit its intervention to $350 million per day has led to a sharper fall in the ruble's value.

The ruble has been hit hard by declining oil prices and Western sanctions against Russia over its annexation of Ukraine's Crimean peninsula and role in the Ukraine crisis.

Based on reporting by Reuters, AFP, and TASS

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