TOKYO: Russia’s ruble started sharply weaker versus the dollar on Monday, dragged more than 4 percent down by weaker oil prices in volatile holiday trade.
At 10:42 a.m. in Moscow, the ruble was 4.5 percent weaker against the dollar at 58.51 rubles and 2.4 percent weaker against the euro at 70.29.
Oil prices, which have declined more than 50 percent from peaks in June last year, hit a five-and-a-half year low as global growth concerns fanned fears of a supply glut.
The Russian currency fell around 40 percent against the dollar last year, hurt by the falling oil price and Western sanctions over Ukraine that have limited Russian companies’ ability to borrow abroad and spurred demand for dollars.
The dollar also firmed against other currencies, with the euro falling to a nine-year low against the U.S. currency as investors bet on quantitative easing by the European Central Bank.
Russian shares were mixed on Monday, largely reflecting moves in the ruble.
The dollar-denominated RTS index was down 4.6 percent at 754.6 points, while its ruble-based peer MICEX traded 0.4 percent higher at 1,402 points.
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