Belfast Telegraph

Home News World

Rouble weakens as oil prices slump

The Russian rouble is edging further down amid a continuing slump in oil prices.

The currency was down about 2% in morning trading in Moscow, floating around 62.8 roubles per dollar.

The rouble has been plunging under a combined blow of slumping oil prices and Western sanctions over Ukraine. Last year, it was the world's worst performing currency along with the Ukrainian hryvnia.

Last week, Fitch Ratings downgraded Russia to the lowest investment grade, citing a worsening economic outlook.

The government has predicted that the economy will drop by more than 4% this year if oil prices remain at their current level.

Russia's central bank has tried to stem the rouble's decline by sharply raising its key interest rate and selling its reserves.

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Popular

From Belfast Telegraph