Russian ruble slid more than 2% on Monday, touching new 2015 low

By FXStreet FXStreet (Mumbai) – The Russian rouble fell more than 2 per cent yesterday. It touched a new 2015 low of 72.3 versus the dollar on oil price slump. The ruble was at 72.46 against the dollar, falling below 72 for the first time since December 2014. It stood at 79.55 against the euro, which is its lowest value since August.

The slide in oil prices together with Western sanctions imposed on Moscow for its role in the Ukraine crisis have caused the Russian economy to sink in recent months. Oil prices which fell more than 3 per cent yesterday will continue to weigh on the outlook for Russia’s recession-struck economy. Crude prices hit their lowest level since 2009 on global oversupply which is largely the result of OPEC’s decision to pump record volumes. Brent crude fell to less than $37 a barrel while the US benchmark WTI fell below $35 per barrel.

The ruble after losing half of its value in 2014 showed signs of recovery this year as energy prices stabilised. This slight firming of the currency led officials to declare that the worst of the crisis was over. However the recent slide in oil prices on global over-supply …read more

Source:: FX Street