Posts Tagged ‘rubble’

Russia devaluation

Dec. 24, 08 (Bloomberg) — Russia devalued the ruble for the third time in a week, sending the currency to its lowest level against the dollar since January 2006, as oil’s drop below $37 a barrel dimmed the outlook for growth.

The ruble, down 18 percent against the dollar since the beginning of August 08, weakened 0.9 percent against the U.S. currency to 28.6905 and 1.4 percent versus the euro to 40.1773, near an all-time low.

The currency has fallen 14 percent against the dollar and 11 percent versus the euro this year 2008  amid the plunge in oil, international condemnation of the country’s war with Georgia and the spreading global credit crisis.

BNP Paribas SA estimates investors withdrew $211 billion from Russia since August 08.

The nation’s oligarchs, who and took over assets of the biggest companies after the collapse of the Soviet Union in 1991, are vying for $78 billion of Kremlin loans to meet debt payments.