MOSCOW — The Russian ruble has lost nearly 3 percent against the dollar on the back of the U.S. debt downgrade and a sharp fall in oil prices.
The Russian currency on Tuesday dropped by 0.8 ruble to 29.4 against the U.S. dollar less than two hours into the trading day. The ruble also lost 2.4 percent against the euro.
Russian stocks are falling again, a day after the MICEX benchmark lost 5.5 percent, its biggest drop since 2009.
The MICEX was down 1.7 percent at 1,474 points.
Russia's economy is suffering from the sharp fall in oil prices that has accompanied the global stock market rout. Oil is the backbone of the Russian economy.
Oil prices tumbled to their lowest in nearly a year to below $78 a barrel on Tuesday.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
MOSCOW (AP) _ The Russian ruble has lost nearly 3 percent against the dollar on the back of the U.S. debt downgrade and weaker oil prices.
The Russian currency on Tuesday dropped by 0.8 ruble to 29.4 against the U.S. dollar less than two hours into the trading. The ruble also lost 2.4 percent against the euro.
Russian stocks are falling again, a day after the MICEX benchmark lost 5.5 percent, its biggest drop since 2009.
The MICEX was down 1.7 percent at 1,474 points.
Russia's economy is suffering from the sharp fall in oil prices that has accompanied the global stock market rout. Oil is the backbone of the Russian economy.
Oil prices tumbled to their lowest in nearly a year to below $78 a barrel on Tuesday.
