Russian Ruble Weakens to 4-Year Low, Trading at Over 75 Per US Dollar
Russian Ruble Weakens to 4-Year Low, Trading at Over 75 Per US Dollar
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MOSCOW - The Russian ruble weakens against US dollar and euro on Thursday, slipping to a four-year low of more than 75 per US dollar amid weak oil prices, according to the Moscow Exchange data.
As of 14:05 Moscow time (11:05 GMT), the US dollar was up 2.9 percent at 75.05 rubles, earlier rising to 75.07 rubles, highest since February 2016. The euro was up 2.7 percent to 84.38 rubles.
As of 11:20 GMT, Brent futures for delivery in May are down by 6.79 percent to $33.36 for a barrel.
The ruble plummed again against the dual currency basket in several hours as of Thursday morning it was traded at 74 to a dollar and 83.41 rubles to a euro.
The ruble is weakening at a time of the coronavirus outbreak and Friday's failed OPEC talks on the prolongation of the production cuts deal.
OPEC has had production cutting pacts since 2016 with non-member allies led by Russia. The wider alliance, known as OPEC+, met in Vienna last Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilise the oil market, without mentioning any deeper cuts.
As of 14:05 Moscow time (11:05 GMT), the US dollar was up 2.9 percent at 75.05 rubles, earlier rising to 75.07 rubles, highest since February 2016. The euro was up 2.7 percent to 84.38 rubles.
As of 11:20 GMT, Brent futures for delivery in May are down by 6.79 percent to $33.36 for a barrel.
The ruble plummed again against the dual currency basket in several hours as of Thursday morning it was traded at 74 to a dollar and 83.41 rubles to a euro.
The ruble is weakening at a time of the coronavirus outbreak and Friday's failed OPEC talks on the prolongation of the production cuts deal.
OPEC has had production cutting pacts since 2016 with non-member allies led by Russia. The wider alliance, known as OPEC+, met in Vienna last Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilise the oil market, without mentioning any deeper cuts.
(esn)
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