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Ruble Continues Fall, Lowest Level Since 2009

Published: January 28, 2014 (Issue # 1794)



  • A ruble exchange office sign displaying dollar and euro rates on Monday.
    Photo: Igor Tabakov / SPT

The ruble continued its fall in Monday morning trading, reaching a historic low of 47.5 rubles to the euro.

The currency is now at its lowest level against the dollar since March 2009, when it plummeted on fears of a deepening recession in the country.

On Friday, the countrys central bank widened the trading corridor against the euro-dollar basket amid a slide in the ruble of over 3.5 percent since the beginning of the year. The new limit was surpassed Monday morning.

Russia measures the rubles performance against a weighted basket of 55 percent dollars and 45 percent euros.

You may also be interested in: Economist Advises Russians to Dump Ruble, Buy Hard Currency

The central bank, which controls the value of the ruble through interventions on the currency market, has repeatedly widened the target trading band for the ruble in recent months.

A weaker ruble means larger profits for Russian exporters and a windfall for the state budget, which is dependent on revenue from commodity exports.

Economic Development Minister Alexei Ulyukayev said Monday that a natural weakening of the ruble could boost the economy by increasing the competitiveness of Russian businesses, but added that he was opposed to an artificial depreciation.

You may also be interested in: Why the Ruble Is Sinking

Experts have suggested that the bank may be forced to modify its methods of maintaining the corridor, but doing so now might prompt a further fall in the currency.

The central bank is planning to move toward a free floating ruble by the end of this year.

The central banks intervention in trading to prop up the ruble has more than doubled in the last week to about $400 million per day.





 


ALL ABOUT TOWN

Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Centers Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at todays Grand Prix Fitness House PRO, the nations premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the citys elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolans latest film Mommy at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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