Russia's ruble hit a new low amid declining oil prices and sanctions

1 December 2014 16:06
(QHA) -

Russia's currency hit a new low on December 1, dropping more than 3 percent amid declining oil prices and the impact of international sanctions imposed over Russia's role in Ukraine.

The ruble traded at 52 to the dollar when markets opened on December 1 after losing 15 percent in the previous week. The ruble was also down 2 percent against the euro.

The ruble has been declining throughout the year, losing about 42 percent of its value since January.

Oil prices, the backbone of the Russian economy, have dropped roughly 25 percent since the summer. Brent crude, an international benchmark, fell 3 percent to $70.15 a barrel on November 28.

The latest slide follows an OPEC decision to leave its production target at 30 million barrels a day, rather than increasing prices by cutting production.