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Dollar Exchange Rate Reaches RUR 40
6.10.2014 11:41
Dollar Exchange Rate Reaches RUR 40
Photo Credit: http://gogoua.com

The Russian national currency plunged to an historic low at the Moscow Exchange, with the US dollar traded for as high as 40 roubles.

      In late September, US dollar moved to 38.72 roubles but the October 6 figures are unprecedented in modern Russia’s history.

      Analysts say the weakening takes place amid uncertainty in Ukraine and around the Yevtushenkov case involving Bashneft’s stocks.

      Earlier, Russia-IC reported that the country could lose up to $50 billion, or 4 percent of GDP, due to sanctions and a drop in oil prices.

      According to a report by Russia’s Finance Ministry, the geopolitical events would cost Russia 2 percent of its GDP.

      Maxim Oreshkin, head of the long-term strategic planning department, said the economy’s response to external shocks was surprisingly soft.

      Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.

       




Author: Mikhail Vesely

Tags: Russian rouble     

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