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Slipping Oil Drags Down Russian Rouble in Biggest One-Day Fall in 14 Years
Dec. 01, 2014 11:00AM PST
Resource 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.