Arab Today, arab today ruble nears record low as russian markets drop further on oil slump
Last Updated : GMT 12:33:12
Arab Today, arab today
Arab Today, arab today

Ruble nears record low as Russian markets drop further on oil slump

Arab Today, arab today

Arab Today, arab today Ruble nears record low as Russian markets drop further on oil slump

The Russian ruble is back to near historic lows due an oil glut
Moscow - AFP

Russia's ruble fell close to a historic low Monday as stock markets slumped on the back of the fall in oil prices following the lifting of sanctions on Iran.

The ruble dropped as low 79.43 to the dollar, nearing its record of just over 80 that it hit when the currency tumbled dramatically in December 2014.

Russia's dollar-denominated RTS index fell by some 0.93 percent by the close of trading, meaning that it has shed some 15 percent since the start of the year.

Russia -- whose energy-reliant economy has already been pushed into recession by low oil prices and Western sanctions over Ukraine -- has been rocked again by a further slump in prices.

A barrel of Brent crude dropped briefly below $28 a barrel on fears of oversupply after the international sanctions on Iran over its nuclear programme were lifted.

The National Iranian Oil Company said it had ordered production to increase by 500,000 barrels per day -- a move Tehran had long planned for once its nuclear deal with world powers took effect.

"Oil is a key driving force at the moment, and if its slide continues, the FX market will continue adjusting," analysts at Russia's VTB bank said in a statement.

Russia relies on oil and gas for over half of its budget revenues and the fresh slump in prices has already seen the government target major spending cuts as it seeks to rein in a potential deficit.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ruble nears record low as russian markets drop further on oil slump Arab Today, arab today ruble nears record low as russian markets drop further on oil slump

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ruble nears record low as russian markets drop further on oil slump Arab Today, arab today ruble nears record low as russian markets drop further on oil slump

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday