MT:The ruble fell Wednesday morning, sinking past the 41 to the U.S. dollar mark for the first time in recent history as the Central Bank stepped up its market interventions in defense of the currency. The Russian currency, which dropped past the psychologically important 40 rubles to the dollar mark just a week ago, dipped below 41 dollars shortly after trading began in Moscow. Tension over Ukraine and Western sanctions on Moscow have driven a slide in the rubles value of more than 20 percent against the dollar this year, but the pressure has ramped up in recent weeks as the price of oil — Russias key export and the backstop of its state finances — has fallen to 4-year lows. Weak oil is having a direct impact on the national currency, which could lead to fresh historical lows against the dollar, analysts at Promsvyazbank in Moscow said in a note Tuesday.
Posted on: Thu, 16 Oct 2014 05:43:40 +0000
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