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Ruble Drops to 16-Year Low
The Russian ruble sagged to 37.03 per dollar on Friday, its weakest valuation since 1998.
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The Russian ruble sagged to 37.03 per dollar on Friday, its weakest valuation since 1998.
Analysts attribute the decline to threats of new economic sanctions against Russia and a new policy from the Central Bank of Russia to allow the currency to float.
The bank says next year it will abandon its practice of maintaining the ruble within a specific range against the euro and dollar.
Russia holds more than €300 billion ($400 billion) in foreign currency and has used it as needed to buy back cheap rubles and boost the currency's value notes BBC News.
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