Russia’s ruble slumped Monday to new all-time lows against the euro and dollar despite the central bank spending billions to defend the currency as the spillover from the Ukraine crisis and falling oil prices pummel the economy.
The ruble dropped to 51.27 to the euro, breaking through a previous low seen in March in the wake of Moscow’s annexation of the Black Sea peninsula of Crimea from Ukraine.
The national currency also briefly dropped against the dollar to a record rate of over 40.50, falling further from the psychologically important mark of 40 to the dollar that it broke through last week.
The fresh slump came after Russia’s central bank chief Elvira Nabiullina said it had pumped some $6 billion into propping up the currency over the past ten days.
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