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Russia's ruble declines by 7 percent

Russia's ruble declines by 7 percent as economy shows first signs of recession

Russia's ruble declines by 7 percent

MOSCOW (AP) -- The Russian currency has extended its losses, declining by 7 percent as the economy shows the first signs of recession.

The ruble, which has been one of the world's worst performing currencies this year, traded at 57 rubles on Monday morning, wiping off some of the gains it made last week.

The ruble's fall came as the Economic Development Ministry issued a report showing the economy declining by 0.5 percent year on year in November. This is the first time Russia's GDP has shown signs of recession since 2009.

Russia's monetary officials in the previous weeks announced a number of measures to stabilize the ruble, which has been hit by lower oil prices and the sanctions imposed on Russia. But the five-day rally in the ruble ended on Friday.