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Ruble Down vs. Dollar, Up vs. Euro
The ruble has hit a 20-month low against the dollar, reports Interfax. During morning currency trading on the MICEX exchange, the U.S. currency reached 26.40 rubles, its highest mark since February 2007. The Central Bank of Russia set the exchange rate for October 17 at 26.37 rubles, 23 kopecks higher than the previous day.
The ruble’s fall is linked to falling oil prices. Urals oil, which Russia exports to world markets, has fallen in price to $68.71 per barrel. In July of this year, it cost $142 per barrel. The Russian Central Bank has been forced in recent months to reduce its currency reserves. After hitting a record high of $597 billion in August, they fell to $530 billion on October 16.
Simultaneously, the euro is falling against the ruble. At the end of the October 16 trading session, the European currency has lost 26 kopecks and was worth 35.3188 rubles.
www.kommersant.com
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