Russian Currency Rouble suffers biggest one-day fall since 1998 Monday Dec 01,2014

 

The Russian Currency Rouble suffered its biggest one-day decline since 1998 as oil prices continued to fall on Monday Dec 01,2014, escalating fears about the Russian economy.

 

The currency slid almost 9% against the dollar before rallying after suspected central bank intervention.

Russia is heavily dependent on revenues from oil exports, making its currency vulnerable to falling prices.

Brent Crude hit $67.53 a barrel, the lowest it has been since October 2009, before regaining some ground.
It was just above $70 in late trading on Monday, while US crude was at $66.34 a barrel, having hit an intraday low of $63.72 - the lowest since July 2009.

Note
Russia is the world's second-largest oil exporter(after Saudi Arabia)with oil and gas accounting for 70% of its exports and half of government revenues.