Russian rouble falls further

The Russian rouble has fallen further under continuing pressure from low oil prices.

The currency was down nearly 3% in morning trading in Moscow, floating around 65 roubles per dollar.

The rouble has been battered by slumping global prices for oil, Russia’s main revenue earner, and Western sanctions over Ukraine. Last year, it was the world’s worst performing currency along with the Ukrainian hryvnia.

Russia’s central bank has tried to shore up the rouble by sharply raising its key interest rate and selling its reserves. The bank’s foreign currency reserve has dropped below 400 billion US dollars for the first time since August 2009.

Russia’s economy is expected to contract by more than 4% this year if oil prices remain at their current level.

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