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Ruble Falls To Two-Week Low Against U.S. Dollar

Russia’s ruble currency has fallen to a two-week low against the U.S. dollar.

The dollar extended its gains against the ruble, rising to 54 rubles in early trading on the Moscow Exchange, its highest level since April 8.

The ruble has partially recovered this year after falling to 80 per dollar in mid-December in its worst collapse since the Russian currency crisis of 1998.

The Russian economy and the ruble were hit hard in 2014 by a sharp decline in the price of oil, one of the country's chief exports, and sanctions imposed by the West over Moscow's interference in Ukraine.

The ruble’s most recent fall follows a drop in oil prices and an April 20 decision by Russia's central bank to increase the rates at which it provides foreign exchange at auctions.

Based on reporting by Interfax and Bloomberg

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