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Russian Ruble falls to record low

  • 23.09.2014, 08:50,
  • 0

Russian Ruble dropped to an all-time low: Euro costs more than 50 Rubles for the first time since April. European currency raised on 0,36 rubles more on the Moscow stock market. Dollar cost 38,62 rubles. Bi-currency basket fixed at 43,75 rubles. Dollar and Euro reached several historical maximums in September. This results from the a range of circumstances. The oil price goes down lately, despite the political instability in the world and at the Middle East in particular. The Western sanctions against Russia damage the ruble rate. Besides, the Central Bank of Russia allows the ruble to trade in a range against the dollar and does not intervene in markets to prop it up. It has been explained that this measure of the Central Bank was necessary because of the reduction of the state’s international funds. Meanwhile, the media report that the stock drops with Ruble are aimed at supporting the exporters who are challenged by the drop in oil prices.

 

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