Russian ruble hits new dollar low despite rate rise

GMT 15:33 2014 Friday ,31 October

Arab Today, arab today Russian ruble hits new dollar low despite rate rise

Members of a social network group
Moscow - AFP

The ruble hit a new record low on Friday, falling to more than 43 rubles to the dollar, despite defensive action by the central bank which raised interest rates a short time earlier.
The ruble was trading at 43.03 to the dollar at around 1330 GMT, after strengthening slightly on Thursday following central bank intervention and briefly on Friday after the central bank raised its key rate to 9.5 percent from 8.0 percent.
The ruble has fallen in value by more than a fifth this year despite a number of interventions by the central bank costing billions of dollars.
Russia's currency has been hit hard by falling oil prices and also the consequences of Western sanctions against it over its conduct in war-torn east Ukraine and its growing international isolation.


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