ruble nears record low as russian markets drop further on oil slump
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Ruble nears record low as Russian markets drop further on oil slump

Arab Today, arab today

Arab Today, arab today Ruble nears record low as Russian markets drop further on oil slump

The Russian ruble is back to near historic lows due an oil glut
Moscow - AFP

Russia's ruble fell close to a historic low Monday as stock markets slumped on the back of the fall in oil prices following the lifting of sanctions on Iran.

The ruble dropped as low 79.43 to the dollar, nearing its record of just over 80 that it hit when the currency tumbled dramatically in December 2014.

Russia's dollar-denominated RTS index fell by some 0.93 percent by the close of trading, meaning that it has shed some 15 percent since the start of the year.

Russia -- whose energy-reliant economy has already been pushed into recession by low oil prices and Western sanctions over Ukraine -- has been rocked again by a further slump in prices.

A barrel of Brent crude dropped briefly below $28 a barrel on fears of oversupply after the international sanctions on Iran over its nuclear programme were lifted.

The National Iranian Oil Company said it had ordered production to increase by 500,000 barrels per day -- a move Tehran had long planned for once its nuclear deal with world powers took effect.

"Oil is a key driving force at the moment, and if its slide continues, the FX market will continue adjusting," analysts at Russia's VTB bank said in a statement.

Russia relies on oil and gas for over half of its budget revenues and the fresh slump in prices has already seen the government target major spending cuts as it seeks to rein in a potential deficit.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ruble nears record low as russian markets drop further on oil slump ruble nears record low as russian markets drop further on oil slump

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ruble nears record low as russian markets drop further on oil slump ruble nears record low as russian markets drop further on oil slump

 



GMT 21:16 2016 Monday ,27 June

Zaki Badr discusses cleaning problem in Giza

GMT 21:46 2017 Saturday ,14 January

Turkey arrests 60 businessmen for alleged Gulen ties

GMT 22:38 2017 Friday ,24 March

Abbas meets with Merkel in Berlin

GMT 09:02 2017 Monday ,27 March

Tunisian Premier Concludes Visit to Sudan

GMT 15:54 2017 Friday ,01 September

Attorney General Directs Prosecutors to inspect Prison

GMT 09:22 2017 Sunday ,31 December

HM King condoles with Afghanistan President

GMT 10:12 2016 Wednesday ,06 April

Strong dollar, mild weather shrink H&M profits

GMT 17:03 2016 Saturday ,24 December

7 police killed in attacks in Afghansitan

GMT 13:51 2017 Friday ,17 March

Israel denies Syria shot down a warplane

GMT 04:08 2017 Thursday ,05 January

Carbon tax can fund clean energy transition

GMT 19:27 2016 Wednesday ,14 September

Alstom to go ahead with plans to shut down Belfort plant
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday