Russia’s ruble fell to a record closing low as it capped the longest stretch of weekly losses since the nation allowed the exchange rate to trade freely in November.
The ruble dropped 1.7 percent to 69.1080 against the dollar on Friday in New York, the lowest since Bloomberg started tracking Micex data in 2003. The currency, which has declined for nine weeks, fell to a record intraday low of 80.1 on Dec. 16.
A selloff in emerging markets reached a crescendo this week as neighboring Kazakhstan relinquished control of its exchange rate, triggering declines from South Africa to Turkey. Currencies like the ruble whose values are linked to the price of oil have proven the most vulnerable.