Russian ruble hits 5-year low
The Russian economy has been rocked by the coronavirus outbreak, and the breakdown of the OPEC+ oil production pact between Russia and Saudi Arabia. The turmoil has shocked traders around the world and resulted in sharp volatility on the Russian stock markets and swings in the value of the ruble — both of which are down around 20% since the start of the year.
The Russian ruble has fallen to its lowest level in five years, as the economic fallout of the coronavirus continues to weigh on the Russian financial markets, The Moscow Times reported.
The ruble slipped to 79.8 against the U.S. dollar Wednesday evening in Moscow, putting the currency down more than 25% for the year so far.
The plunge came as oil prices — which have a large impact on the Russian economy — also dropped to their lowest level since the 2014-16 price crisis. Brent crude was down below $27 a barrel. It started the year at $66.
Russia’s dollar-denominated RTS index lost more than 9% Wednesday, while the MOEX Index, calculated in rubles, was down 3%.