Ruble Near 6-Month Low Narrows Options for Central Bank Support
Can Russia Weather a Recession Coupled With Cheap Oil?
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The ruble fell toward a six-month low amid renewed weakness in oil prices, threatening to end the Russian central bank’s series of interest-rate cuts aimed at reviving the economy.
The currency slid 0.5 percent to 65.3010 per dollar by 4:32 p.m. in Moscow, dropping for a third day. The ruble has lost a quarter of its value since reaching this year’s peak on May 18 as the central bank stepped up foreign-currency purchases to build reserves. Brent crude fell 0.1 percent to $49.15 a barrel on Monday, trading below $50 for the third day after entering a bear market last month.