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Ruble Slides to Record

Currency continues to take a beating in wake of sanctions and plummeting global oil prices.

By Ksenia Galouchko and Vladimir Kuznetsov, Bloomberg | Updated on December 12, 2014

The ruble tumbled to a record for a second day, prompting speculation Russia’s central bank intervened to slow the rout as weaker oil prices worsen the outlook for an economy verging on recession. Government bonds slid.

The currency lost as much as 2.7 percent, to 57.9860, leading the central bank to buy rubles, according to OAO Bank Otkritie and BCS Financial Group. It traded down 1.7 percent at 57.4205 by 4:54 p.m. in Moscow as Brent oil’s drop below US$63 a barrel outweighed yesterday’s 100 basis point interest-rate increase. Ten-year government bond yields jumped 48 basis points to 12.94 percent.

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