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Russian Ruble Drops to New Low
Russia's currency sagged to more than 43 to the dollar-euro basket on Monday, setting its fifth record low in as many weeks.
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Russia's currency sagged to more than 43 to the dollar-euro basket on Monday, setting its fifth record low in as many weeks.
Analysts attribute the ruble's weakening to falling oil prices, new sanctions on Moscow's role in rebel conflict in Ukraine and payments by Russian companies on foreign debt. Also contributing is recognition that the Russian Central Bank will not intervene to bolster the currency.
The ruble has weakened 15% against the dollar this year. Inflation reached an annualized 7.6% last month. Some analysts predict the currency will continue to weaken even more this week.
The central bank intends to achieve a free-floating ruble in 2015. It opted on Friday to retain its index interest rate, suggesting the bank won't support the ruble if its midterm inflationary goals appear within reach.
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