Russian Rouble Tumbles To New Record Low Against U.S. Dollar
28 November 2014 - 6:18PM
RTTF2
The Russian Rouble plunged against the U.S. dollar on Friday, as
oil cartel OPEC decided not to cut production despite a huge
oversupply in world markets.
The OPEC members, at their meeting on Thursday, decided to
maintain the cartel's collective production ceiling of 30 million
barrels, taking crude oil prices to a fresh four-year low.
Since Russia's budget revenues is chiefly dependent on energy
exports, OPEC decision hit hard the Russian stocks also.
International sanctions imposed on Russia over its role in
Ukraine crisis and fall in oil prices had weighed on the Rouble in
the past few months.
The rouble fell by 1.1 percent to 49.71 against the greenback, a
new record low. The pair was valued at 49.15 at Thursday's
close.
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