The ruble looked set for its steepest one-day fall since the Russian financial crisis of 1998, plunging about 4 percent on Monday as oil prices slid below $70 a barrel. Battered by low oil prices and the conflict in eastern Ukraine, the ruble has been declining throughout the year, losing about 42 percent of this value since January. The Russian currency fell for a third day in a row Monday, to 52.45 against the dollar and 65.39 against the euro, hitting fresh record lows. The price of oil, the backbone of the Russian economy, has dropped roughly 25 percent since …read more
Source: Egylovers
