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Slipping Oil Drags Down Russian Rouble in Biggest One-Day Fall in 14 Years
Dec. 01, 2014 11:00AM PST
Oil and Gas InvestingFalling oil prices have been playing havoc with Russia’s economy, dragging down the rouble by nine percent against the U.S. dollar accounting for the biggest one-day slide since 1998.
Falling oil prices have been playing havoc with Russia’s economy, dragging down the rouble by nine percent against the U.S. dollar accounting for the biggest one-day slide since 1998.
According to the BBC:
The currency slid almost 9% against the dollar before rallying after suspected central bank intervention.
Russia is heavily dependent on revenues from oil exports, making its currency vulnerable to falling prices.