The Russian ruble completed a week of consecutive losses versus the euro and the dollar, as speculations in Russia indicate that the recession will be depper than previously announced.
Several reasons brought the Russian currency down since last week, which lost against the euro and the greenback for seven days in a row after oil prices went down, the national budget deficit widened and the interest rates in Russia suffered the fourth cut in less than 6 months. Economists stress in the fact that a weakening demand for oil and growing concerns regarding the global recession are weighing on the ruble, that may extend its losses as long as this negative scenario prevail.
USD/RUB traded at 32.76 as of 23:33 GMT rising from a previous rate of 32.67.
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