Monday, January 18, 2016

Russian Ruble Falls To Lowest Point Since Late 2014

Russia’s ruble currency, battered by falling global oil prices, has dropped to its lowest value on currency exchange markets in more than a year.

The ruble fell in value against the U.S. dollar by 1.7 percent on January 18, with $1 costing 78.9 rubles during late afternoon trading in Moscow. That is the ruble’s lowest level since December 2014.

Oil prices, which the Russian economy relies upon, fell below $28 for a barrel on January 18 after sanctions against Iran were lifted under its nuclear deal with world powers.

Tehran says it eventually will be adding 500,000 barrels of oil per day to a global market that already is oversupplied.

The ruble also is under pressure from economic sanctions that the West has imposed again Russia over its involvement in Ukraine’s crisis.
 [Based on reporting by AP, Reuters, TASS, and Interfax]

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