The Russian ruble hit a historic low against the US dollar during Wednesday's trading on the Moscow exchange. The currency fell below 80.10 rubles to the dollar, the previous low of 16 December 2014, dubbed Black Tuesday. The euro also gained on the Russian currency, trading at over 88 rubles, but below Black Tuesday's 100 mark. On 16 December 2014, the ruble fell to 80.10 against the greenback and 100.74 against the euro.
Falling oil prices are continuing to put pressure on the Russian currency. In intra-day trading at ICE, Brent crude fell below $28 per barrel, but has rebounded slightly and was trading at $28.14 as of 11:30am GMT. US crude benchmark West Texas Intermediate was trading at $27.57 a barrel.
The 2014 currency crisis led to a multibillion-dollar bank run in Russia. According to Herman Graf, chairman and CEO of Russia’s Sberbank, depositors panicked, which destabilized the financial situation in the bank and the whole country.
INC News, 20/01/2016 - source: ©RTNews
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