Wednesday, January 20, 2016

Weak crude prices weighed on Russian ruble to nosedive to a record low.

The collapse in crude prices also caused the ruble to nosedive to a record low today as the oil plunge weighed on the Russian economy and surpassed every other obstacle the nation has endured including crippling sanctions. The currency fell 1.8% to 80.156 against the dollar, breaching a threshold it last crossed during the ruble crisis of December 2014 that forced the central bank to intervene through a series of emergency rate increases. MICEX -1.6%.