Russia’s ruble on Thursday resumed its slide to new record lows against the dollar, tumbling over 3 per cent in early trading beyond 84 to the greenback on tumbling oil prices. The ruble-which has already been battered over the past 18 months by low energy prices and Western sanctions over Ukraine -also weakened to over 92 against the euro.
Russia’s recession-hit economy relies on oil and gas for over half of its budget revenues. With oil hitting 12-year lows, the ruble on Wednesday slipped past its previous weakest point of 80.1 rubles to the dollar that it hit during a dramatic slump in December 2014.