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Russian Ruble Sink on Monday

August 25, 2015 at 0:17 by Vladimir Vyun

A heap of 1,000-ruble billsThe Russian ruble sank on Monday against the US dollar and the euro but remained well above the all-time lows. On Tuesday, the currency retained weakness versus the dollar but moved a bit higher against the euro.

The ruble sank 2.3 percent against the US currency and 4.1 percent versus the shared currency of the eurozone during the first trading session of the week. Yet Russian markets showed muted reaction to the news as they were mostly concerned about sanctions imposed by Western countries over the conflict with Ukraine. The tensions between Russia and the West will likely remain the major driving force for the ruble in the foreseeable future, and it will most certainly drive the currency down.

USD/RUB rose from 69.48 to 70.86 as of 00:16 GMT today. EUR/RUB dropped from 82.3580 to 82.0170.

If you have any questions, comments or opinions regarding the Russian Ruble, feel free to post them using the commentary form below.

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