The Russian Ruble fell about 12% earlier today as the foreign exchange (forex) markets opened. Today’s Ruble losses mean that the Russian Ruble has fallen nearly 50% against the USD in 2014. The Russian Ruble and the Russian economy have been suffering in light of Western sanctions and collapsing oil prices. Currently, there is a global oversupply of oil, largely due to the increase in American oil production. Elsewhere, the usual fount of oil in the Middle East have not abated their output; as a result, the world’s oil prices have fallen steadily.
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