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Ruble falls to near four-year low against currency basket

Posted on 01 August 2013

The Russian ruble fell Wednesday to a near four-year low against the euro-dollar basket, the central bank’s main currency-market gauge, market participants said, adding that profit-taking could slow further weakening.
The ruble has weakened 8.1% against the basket since the beginning of the year, touching on Wednesday RUB37.87, a level last seen in September 2009. The ruble’s latest round of weakening has occurred in the last six trading days after companies had paid the bulk of their monthly taxes, which involved the conversion of foreign currency for many firms to meet their local liabilities………………………………………..Full Article: Source


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