The ruble is collapsing again. The currency dropped another 5% on Wednesday. Over the course of the day, it got as weak as 62.03 rubles to $1, but right now it’s around 60.2 rubles to $1. The ruble closed on at 56.71 on Tuesday. The currency’s plunge coincides with Brent oil falling to a 5.5-year low on Wednesday — down as low as $56.09. For the year, the ruble fell approximately 40% against the dollar. Today’s plunge follows the Economy Ministry’s announcement on Monday that GDP contracted by 0.5% from a year earlier, following a 0.5% increase in October. …read more
Source: Business Insider
