#Ruble loses 5 percent as #oil rout worsens! wp.me/p1xXtb-4ay via @truthrazor The Russian ruble lost 5 percent on Tuesday on the first day of post-holiday trading on the Moscow Stock Exchange. Sliding oil prices, which dropped below $50 per barrel on Monday, continue to weigh on the currency. The ruble lost 5 percent against the dollar, trading above 64 rubles midday, before settling to just below 62.9 at 6:00pm in Moscow. The ruble has already lost about 8 percent to the US dollar in 2015. The ruble also suffered a loss against the euro, losing more than 5 percent at 76.32 at 1:30pm in Moscow. Equities and indices were mixed, as the ruble-based Micex index gained 2.4 percent and the dollar-denominated RTS index dropped 4.3 percent. Brent crude dropped below $52 per barrel on Tuesday after a WTI slide to $50 per barrel for the first time in nearly six years on Monday. Six months ago, at peak oil values, it was trading for more than double today’s price. The oil-price sensitive ruble has tumbled in tandem with other prices, which have both lost about 50 percent in 2014. Oil is Russia’s main export earner, as well as contributor to the national budget. The Ministry of Economy has had to slash their 2015 oil forecast from $100 per barrel down to $80 per barrel. READ MORE: US crude oil drops below $50 for the first time in 5 years Urals crude, Russia’s key export blend, usually trades slightly lower than Brent.
Posted on: Tue, 06 Jan 2015 18:00:33 +0000
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