Russian ruble drops again

Russian ruble drops again

Moscow: The Russian currency ruble depreciated further on Monday as the Russian central bank again eased its support of the ruble, under constant pressure from plunging oil prices and economic woes.

The ruble was down nearly 1.5% on the main foreign currency exchange and stood at 33.09rubles against the bank’s euro-dollar basket by 11am.

Against the US dollar, the ruble was 27.8, while it traded at 39.4 against the euro.

The depreciation was the third in just four days, and the ninth since 11November when the central bank began backing off support of the ailing ruble.

Russia has sought to let it fall in value more slowly than it would have under free market conditions.

However, economists have called for a one-off full devaluation to stop the sharp drain on the country’s hard currency reserves.