Ruble drops to lowest value ever amid oil plunge

Market news
Market news

Russia’s rouble currency is hitting an all-time low as the country’s economy struggles with the combined blows of western sanctions and a worldwide fall in oil prices.

In trading on the MICEX exchange, the rouble dropped to 44.9 to the US dollar late today – about a three per cent fall for the day.

The rouble has lost more than 25% of its value this year.

Russia has been hit by sanctions from the US and the European Union over the Ukraine crisis and prices are falling for oil, a key export.

In addition, the Russian Central Bank said today it would limit its intervention in the currency markets to $350million a day.

The bank spent as much as $3billion a day in October trying to prop up the ruble.