The value of the Russian ruble plunged to new lows Monday against the dollar and euro, with Moscow’s central bank predicting higher inflation and the national economy tumbling into a recession.
The ruble weakened by more than 5 percent, breaking through the level of 60 to the dollar and 75 to the euro for the first time. The Russian currency has dropped by 19 percent this month alone, and by more than 86 percent since last January, despite the central bank spending billions of dollars on market interventions in an attempt to curb its slide.
The ruble has diminished with the precipitous …read more
Source: Voice of America
