The Russian rouble weakened further yesterday, following the biggest drop in more than four months. Russia’s currency fell 0.8% by 3.16pm yesterday, rendering its earlier recovery completely redundant – bad news for a currency that suffered a 3.9% fall on Tuesday. Unfortunately for the Russian economy, this has mostly been caused due to its dependence on the oil industry. With crude oil experiencing the largest slide in value since May 2011, Russia’s economy has followed suit and the future doesn’t look bright as economists predict there is further to fall yet. Citigroup economists based in Moscow expect more devaluation as ‘Russia will find a bottom only when oil prices have no further room to fall’.
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