Russian ruble drops to record low amid plummeting oil

Russian ruble drops to record low amid plummeting oil prices

00:45 21 January 2016 Read: 1300

Russian ruble drops to record low amid plummeting oil prices

The Russian ruble dropped Wednesday to 80.68 against the U.S. dollar on the Moscow Exchange, a record low since its re-denomination in 1998.

Its previous all-time low of 80.10 was seen on Dec. 16, 2014. < The drop was mainly due to plummeting prices of oil, Russia`s main export commodity.

Oil prices are hovering near 12-year lows as the market expects a surge of exports from Iran after the lifting of economic sanctions. ICE benchmark Brent oil March futures were traded below 28 dollars per barrel on Wednesday.

Russia`s 2016 budget was compiled on the basis of an average oil price of 50 dollars per barrel. Prime Minister Dmitry Medvedev has suggested that the budget should be slashed and a bunch of projects scrapped due to a foreseeable revenue decline.

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