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Russian ruble weakens to 4-year low, trading at over 75 per US dollar

12 March 2020 17:21 (UTC +04:00)

The Russian ruble weakens against US dollar and euro on Thursday, slipping to a four-year low of more than 75 per US dollar amid weak oil prices, according to the Moscow Exchange data, APA reports citing Sputnik.

As of 14:05 Moscow time (11:05 GMT), the US dollar was up 2.9 percent at 75.05 rubles, earlier rising to 75.07 rubles, highest since February 2016. The euro was up 2.7 percent to 84.38 rubles.

As of 11:20 GMT, Brent futures for delivery in May are down by 6.79 percent to $33.36 for a barrel.

The ruble plummed again against the dual currency basket in several hours as of Thursday morning it was traded at 74 to a dollar and 83.41 rubles to a euro.

The ruble is weakening at a time of the coronavirus outbreak and Friday's failed OPEC talks on the prolongation of the production cuts deal.