On Monday, the Russian ruble hit a new six-month low against the US dollar and euro on the Moscow Exchange. Cheap oil on the global market has been dragging the ruble down.
In the early hours of Monday, the ruble plunged 1.3% to 65.42 against the US dollar which is 42 kopecks higher than the previous close. Besides, the ruble was trading at 72.65 against the single European currency that is 47 kopecks up from Friday’s close. The dual-currency basket was valued at 68.675 rubles having risen by 44 kopecks.
Economists explain that tumbling oil prices are again pushing the Russian currency into nosediving. “Before the opening bell on the Moscow Exchange, the USD/RUB pair is trading above the level of 65. From the technical viewpoint, if the pair manages to close above this psychological level, it is likely to head for higher targets of 67-68,”currency strategists state their outlook.
