The Russian Ruble continued its free-fall against the U.S. dollar in European deals on Thursday, as the recent steep decline in oil prices triggered worries about economic growth of the world’s biggest energy exporter.
Oil prices hit a new 12-year low of $27.6 per barrel on Wednesday, as Iran is set to ramp up production after years of sanctions.
The Russian Ruble breached the key 85 mark, reaching an all-time low of 85.9493 against the greenback. This is down by almost 5.7 percent from Wednesday’s closing value of 81.0134.
The Russian Central Bank chief on Wednesday told that the ruble is close to its fundamental level, downplaying the necessity of intervention in forex markets. The currency has fallen to record low of 82.4552 a dollar on Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com