Friday, December 19, 2008

Ruble Getting Whacked on Dollar Bounce, Crude Weakness

The inexorable decline in oil prices continues to pressure Russia's foreign currency reserves in defense of the ruble.  Check the chart in the "Russia Watch" sidebar -->

Posted by J.L. at 9:26 AM

1 comment:

J.L. said...

Dec. 26 (Bloomberg) -- The ruble fell to a record low against the euro as Russia's central bank extended six weeks of devaluations to compensate for falling oil prices.

The ruble lost 1.3 percent to 40.7960 per euro at 12:48 p.m. in Moscow, the lowest level since the European currency was introduced in 1999. It declined 1.1. percent to 29.0107 against the dollar, a four-year low, capping a 20 percent drop since early August.

http://www.bloomberg.com/apps/news?pid=20601087&sid=at0XW8dCg52g&refer=home

December 26, 2008 at 8:12 AM

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