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Cinnamon

Russian ruble plumbs new depths against dollar

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 Cinnamon    24,415

Moscow (AFP) - Russia's ruble on Thursday continued to plummet to new record lows against the dollar, tumbling by over 4 percent beyond 85 to the greenback on falling oil prices.

The ruble -- which has already been battered over the past 18 months by low energy prices and Western sanctions over Ukraine -- also weakened to over 93 against the euro.

Russia's recession-hit economy relies on oil and gas for over half of its budget revenues and the authorities are coming under increasing pressure to act to stave off further damage to the currency.

The Kremlin insisted that the ruble's plunge was "not a collapse", insisting the authorities would be able to stop the rot.

"The exchange rate is really changing, the rate is volatile, but it is far from being a collapse," spokesman Dmitry Peskov was quoted as saying by Russian agency Interfax.

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http://news.yahoo.com/russian-ruble-drops-over-3-plumbs-low-against-080916276.html

They have no control over this. 

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