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| Russian rouble falls to new low against US dollar | |
| (35 minutes later) | |
| The Russian rouble has dropped to a new low against the US dollar, as falling oil prices and Western sanctions continue to weigh on the country. | The Russian rouble has dropped to a new low against the US dollar, as falling oil prices and Western sanctions continue to weigh on the country. |
| As of Monday afternoon, it takes more than 60 roubles to buy a single dollar. | As of Monday afternoon, it takes more than 60 roubles to buy a single dollar. |
| The 60 mark is considered a "psychological barrier" for Russia's national currency, says the BBC's Moscow correspondent, Steve Rosenberg. | The 60 mark is considered a "psychological barrier" for Russia's national currency, says the BBC's Moscow correspondent, Steve Rosenberg. |
| Since the start of the year, the rouble has lost more than 45% of its value against the dollar. | Since the start of the year, the rouble has lost more than 45% of its value against the dollar. |
| Russia's central bank has tried unsuccessfully to stabilise the currency, buying roubles in the markets and raising its main lending rate to 10.5%. | Russia's central bank has tried unsuccessfully to stabilise the currency, buying roubles in the markets and raising its main lending rate to 10.5%. |
| But those efforts have been overwhelmed by the fall in the price of crude oil - one of the country's main exports - and by concerns that international sanctions over Ukraine might be stepped up. | But those efforts have been overwhelmed by the fall in the price of crude oil - one of the country's main exports - and by concerns that international sanctions over Ukraine might be stepped up. |
| Russian authorities appear unable to bring down inflation either - prices are expected to be 10% higher by the end of the year. | Russian authorities appear unable to bring down inflation either - prices are expected to be 10% higher by the end of the year. |
| Interventions | |
| In November, Russia's central bank announced it was going ahead with a free float of the rouble by abolishing its unofficial link to the euro and the US dollar. | |
| It also announced it was ending automatic interventions to support the currency, instead propping it up only when it was deemed necessary. | |
| The bank had previously supported the rouble when the exchange rate against the euro and dollar exceeded certain limits. | |
| However, last week, the bank admitted it intervened to support the rouble in foreign currency markets, spending a total of $4.53bn. |