ECONOMY

Russia’s stricken currency drops to 2015 low amid oil price slump

A customer holds a Russian 5,000-rouble as she buys food at a grocery shop in the Siberian city of Krasnoyarsk, Russia, August 6, 2015. (Reuters)

Russia’s battered ruble on Tuesday continued its slide on the back of low oil prices, reaching a new 2015 low against the dollar and dropping to below 80 against the euro.

The Russian currency stood on Tuesday at 72.85 against the dollar, down from 72.46 on Monday.

The ruble meanwhile stood at 80.02 against the euro, dropping below 80 for the first time since late August.

The slide in oil prices and Western sanctions over Moscow’s role in the Ukraine crisis have pummeled the oil-dependent Russian economy in recent months.

At his annual press conference earlier this month President Vladimir Putin assured the country could weather the headwinds, despite volatility in oil prices.

The ruble lost around half of its value in 2014 but recovered slightly as energy prices stabilized this year, allowing officials to claim the worst of the crisis had passed.

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Last Update: Tuesday, 29 December 2015 KSA 15:31 - GMT 12:31
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Russia’s stricken currency drops to 2015 low amid oil price slump
The Russian currency stood on Tuesday at 72.85 against the dollar, down from 72.46 on Monday
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