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Russian ruble dips to decade low

Russian ruble dips to decade low

Russia's ruble fell to its lowest point in more than a decade against the dollar Thursday as the Central Bank continued a policy of controlled devaluation.
The ruble lost 1.4 percent against a dollar-euro basket at the start of trading on the MICEX currency exchange Thursday. The currency's value is kept within in a range against this basket of currencies by the central bank to avoid large fluctuations.
The ruble dropped 0.6 rubles against the dollar, to 32.2 _ its lowest since December 1997, just before the government redenominated the national currency. The ruble fell 0.4 rubles against the euro, to 42.2.
The decreases marked the 16th devaluation of the ruble since Nov. 11, when the government launched a controlled slide that has seriously depleted its currency reserves. It is also a fourth drop since Russia's long New Year's and Orthodox Christmas holiday ended Sunday.
The ruble has been badly bruised by declining energy prices and growing economic difficulties. It has shed more than 27 percent of its value against the dollar since its high of 23.4 in early August.
The Central Bank does not normally allow the currency to lose more than 1 percent of its value in one day.


Updated : 2020-12-02 23:23 GMT+08:00