Sunday, 26 January 2014
Ruble hits historical low against euro
The Russia ruble hit a historical record low Friday, dropping to 47.32 rubles per euro at tomorrow settlement date on the Moscow stock exchange. The previous all-time low dates back to February 3, 2009, when the ruble stood at 47.25 rubles per euro. The dollar traded at 34.52 rubles on Friday, a drop of 41 kopeks from Thursday. The all-time record, also from 2009, is 36.73 rubles per dollar. The ruble has weakened by around 3.6 percent since the start of the year, Finance Minister Anton Siluanov said on Friday. He cited capital outflow from developing economies due to US monetary policy as one of the reasons. Recent Central Bank policy has also contributed to the ruble’s weakening, Siluanov said on Ekho Moskvy radio. The Central Bank is working to make the ruble a free-floating currency, expanding the exchange rate corridor for the dollar-euro basket.