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Tags: EU | Russia | Ruble

Russia's Ruble Hits Lowest Level in a Year

Friday, 01 January 2016 07:43 PM

MOSCOW (AP) — The Russian ruble has hit its lowest level in a year against the dollar as the country's economy is battered by a decline in the price of its oil exports.

The ruble dropped 1.3 percent in early morning trading on Wednesday to 73.2 rubles per dollar, its weakest level in about 12 months. The national currency lost 40 percent of its value last year and is now 20 percent down compared to a year ago.

The Russian economy has been suffering from the effects of Western economic sanctions and oil prices, the backbone of the country's economy, which are currently hovering around 11-year lows.

The Russian economic development minister on Tuesday said the government is not so much concerned about the drop in the value of the ruble but rather its volatility, which makes budget planning difficult.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
The Russian ruble has hit its lowest level in a year against the dollar as the country's economy is battered by a decline in the price of its oil exports.The ruble dropped 1.3 percent in early morning trading on Wednesday to 73.2 rubles per dollar, its weakest level in...
EU,Russia,Ruble
139
2016-43-01
Friday, 01 January 2016 07:43 PM
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