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Ruble falls sharply against US dollar
By Nataliya Vasilyeva |
January 12, 2009, Monday
|
Print Edition
Print Edition
RUSSIA'S central bank allowed the ruble to drop sharply against the United States dollar yesterday, resuming a controlled devaluation of the currency that began on November 11 as the country's economy continued to slow.
The ruble dropped by nearly 1.5 rubles to 30.5 rubles per US dollar on the MICEX foreign currency exchange, down almost 1.7 percent against the dollar-euro basket by 1pm in Moscow. The ruble rose yesterday against the euro, from 41.4 on December 30, before the start of Russia's 10-day winter holiday, to 41.1.
It is the 13th sharp drop in the currency since November 11, when the supervised slide began. The ruble's fall has been triggered in part by declining energy prices, which have hit Russia's resource-dependent economy.
Russia's central bank normally does not allow the ruble to lose more than 1 percent of its value in one day. The currency has declined more than 20 percent of its value against the US dollar since August.
The ruble dropped by nearly 1.5 rubles to 30.5 rubles per US dollar on the MICEX foreign currency exchange, down almost 1.7 percent against the dollar-euro basket by 1pm in Moscow. The ruble rose yesterday against the euro, from 41.4 on December 30, before the start of Russia's 10-day winter holiday, to 41.1.
It is the 13th sharp drop in the currency since November 11, when the supervised slide began. The ruble's fall has been triggered in part by declining energy prices, which have hit Russia's resource-dependent economy.
Russia's central bank normally does not allow the ruble to lose more than 1 percent of its value in one day. The currency has declined more than 20 percent of its value against the US dollar since August.
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