The Russian ruble declined today as prices for crude oil continued to fall, endangering the Russian economy that largely depends on oil exports.
Crude oil extended its move down during the Thursday’s trading session, touching the lowest level since 2003. This hurt oil-linked currencies, like the Norwegian krone and the Russian ruble. Additionally, the Russian economy continues to suffer from sanctions imposed on Russia by Western nations due to its supposed involvement in the conflict in Ukraine.
USD/RUB jumped 3.73 percent from 81.3245 to 84.3034 as of 11:31 as of GMT today, touching the high of 85.9662 intraday.
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