Moscow (AFP) - The Russian ruble hit a record low against the euro on Friday and was at its weakest point against the dollar for nearly four years as it continued a weeks-long slide.
The euro broke through its record strong point of 47.25 against the troubled Russian currency in late afternoon trading and stood at 47.26 rubles at 3:20 pm (1120 GMT).
The ruble's previously low against the single European currency came in the worst months of Russia's financial crisis in early 2009.
The dollar had also gained more than 0.7 percent against the Russian currency and was trading at 34.50 rubles on the Moscow Exchange.
The Russian currency in the past four weeks has lost about five percent of its value against a basket of euros and dollars the Central Bank uses to set its policies.
Traders said the selling accelerated after Economy Minister Alexei Ulyukayev was quoted as saying on Thursday that the ruble was more likely to weaken than strengthen in the coming weeks.
Finance Minister Anton Siluanov told Moscow Echo radio on Friday that he "sees no problem" with the current ruble exchange rate.
"This is the policy of the Central Bank and the financial authorities -- to make the exchange rate more flexible," Siluanov said.
The Central Bank intend to introduce a fully floating exchange rate by the start of next year. It eliminated some of its support measures for the ruble earlier this month.
