WSJ:Russian Ruble Down 2% Vs Dollar-Euro Basket,Weakest Since Early Dec
MOSCOW (Dow Jones)--The Russian ruble sank Tuesday morning as risk aversion soared among investors after Standard & Poor's U.S. credit rating downgrade combined with global growth concerns sparked a selloff in commodity markets.
Around 0617 GMT, Russia's currency was down 2% at 35.17 against a basket of dollars and euros, its weakest levels since Dec 10.
Prices of oil--Russia's chief export--were down a further 2% at around $103.70 a barrel for Brent crude, after taking a beating in the previous session.
S&P on Friday stripped the U.S. of its AAA debt rating, downgrading it to AA+, citing concerns about the country's budget deficit, ineffective decision making in Washington and growing debt. The downgrade has shaken financial markets already weakened by fears of slowing global growth and sovereign debt problems in Italy and Spain.
-By Ira Iosebashvili, Dow Jones Newswires; +7 495 232-9195, ira.iosebashvili@dowjones.com
