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Russian ruble hits historic low against dollar

15 september 2014, 14:00

 The Russian ruble fell on Monday to a historic low against the dollar after the West imposed fresh sanctions over Ukraine, AFP reports.

The ruble slumped to 38.04 to the dollar shortly after Moscow markets opened, at 0619 GMT. It was the first time that the ruble had weakened beyond the rate of 38 to the dollar.

The euro also rose against the ruble upon the opening of the markets to 49.25 rubles, still less than its rate in March when it climbed to be worth more than 50 rubles in reaction to Russia's annexation of Crimea.

Washington and the European Union on Friday imposed tough new sanctions targeting banks and major energy and defence firms including Russia's energy giant Gazprom, while promising to scale back or cancel the measures if Russia sticks by the ceasefire in east Ukraine.

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