The dollar surged nearly 4% against the ruble Monday as the ongoing rout in world oil prices sent the Russian currency spiraling.
The move was the ruble’s biggest one-day fall since 1998, when another (much bigger) collapse in oil prices led the country to default on its domestic debt.
The dollar, which bought 33 rubles at the start of the year, surged past 50 for the first time ever, touching a new all-time high of 52.66 before retreating fractionally. That mirrored a fresh slump in oil prices during Asian trading, which sent benchmark crude futures to their lowest levels since May 2009.
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Source: Time
