Russian Ruble Falls To 5-day Low Against U.S. Dollar
February 23 2015 - 2:24AM
RTTF2
The Russian Ruble drifted lower against the U.S. dollar ahead of
European deals on Monday, following Moody's downgrade of Russia's
sovereign rating to junk status and continued decline in oil
prices.
In a statement late Friday, the rating agency slashed Russia's
sovereign debt rating to Ba1 from Baa3, citing Ukraine crisis and
the recent oil price decline and exchange rate shocks could curtain
Russia's economic strength and medium-term growth prospects. The
rating outlook is negative.
Oil prices continued their decline, as concerns over oversupply
remained and traders reacted cautiously to an extension Greece
managed to secure to its bailout agreement.
The ruble fell to a 5-day low of 63.94 against the greenback,
off early 1-1/2-month high of 59.94. The next possible downside
target for the ruble is seen around the 65.5 mark. At Friday's
close, the pair was quoted at 62.31.
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