Ruble rout continues past historic low of 50 to the dollar.
18 replies, posted
[img]http://www.themoscowtimes.com/upload/iblock/db1/Russia-ruble-oil-opec-dollar.jpg[/img]
[quote]The ruble plunged on Friday, falling to an unprecedented 50 versus the U.S. dollar after OPEC's refusal to implement production cuts caused oil prices to nosedive.The Russian currency reached 50.01 against the dollar in after-hours trading shortly before 9:30 p.m., extending a dramatic week-long tumble that raises the possibility of intervention by the Central Bank to steady the market.
The ruble, which is at historic lows, has lost over 11 percent against the dollar since Monday, one of the worst performing weeks on record.
The Organization of Petroleum Exporting Countries (OPEC) said Thursday it would not curb output to shore up prices, prompting oil to shed over $5 in a day to trade at four-year lows.
The price of Brent crude, the international oil benchmark, plummeted below $70 a barrel during late trading on Friday, despite stabilizing earlier in the day at about $73 a barrel.
Russian President Vladimir Putin said Friday he saw nothing surprising in OPEC's decision, nor the subsequent oil price fall.[/quote]
[url]http://www.themoscowtimes.com/business/article/ruble-sinks-to-record-low-day-after-opec-refuses-oil-cuts/511988.html[/url]
Waiting for WhollyRufus
[QUOTE=InvaderNouga;46599292]Waiting for WhollyRufus[/QUOTE]
He doesn't need to be anticipated or mentioned in threads about Russia though, even if he does later post in them.
another blow in the struggle against [b]THE WEST[/b]
Damn those CIA bankers and their currency-crashing secret plans!
buying power halved...
It means your labour is worth 2 times less than it did before-in relation with foreign goods.
I guess the russian economy will turn inwards on itself.
To top it up, the gov't has high expenses to pay for the frozen conflicts around its borders, for militarization, for foreign relations... and the cherry on top is that its main export is oil, and for the past months it's getting cheaper on the world market.
I must say I was amusingly surprised. This is actually hilarious.
[QUOTE=Electrocuter;46599429]another blow in the struggle against [b]THE WEST[/b][/QUOTE]
Indeed, but there are still ways to fix this, it will just require a few bold and risky moves on Putin's part.
I'm guessing now would be the time to exchange money into rubles and wait for new rise for it?
[QUOTE=ripsipiirakk;46599629]I'm guessing now would be the time to exchange money into rubles and wait for new rise for it?[/QUOTE]
That alot of wait to save up toward FIFA18.
on a serious note it will probably win back a bit in january, but not too much.
[QUOTE=WhollyRufus;46599577]Indeed, but there are still ways to fix this, it will just require a few bold and risky moves on Putin's part.[/QUOTE]
Yes, because bold and risky moves have worked out so well for Putin and Russia so far.
[QUOTE=WhollyRufus;46599577]Indeed, but there are still ways to fix this, it will just require a few bold and risky moves on Putin's part.[/QUOTE]
Whatever he does there will be a prolonged recession and high unemployment at the very least while he restructured the economy. Something of course that isn't very popular politically, either among the oligarchs or common people.
[QUOTE=WhollyRufus;46599577]Indeed, but there are still ways to fix this, it will just require a few bold and risky moves on Putin's part.[/QUOTE]
We'll be waiting.
[QUOTE=David29;46599641]Yes, because bold and risky moves have worked out so well for Putin and Russia so far.[/QUOTE]
They did.
[QUOTE=MuffinZerg;46599889]They did.[/QUOTE]
How? All he is done is isolate himself and his country from a large part of the world and set the economy into a downward spiral. Please tell me what Russia has got to show for this?
[QUOTE=ripsipiirakk;46599629]I'm guessing now would be the time to exchange money into rubles and wait for new rise for it?[/QUOTE]
Investing in currency is usually pretty slow with meh gains. best look elsewhere
Seems like it's a good time to get some Russian currency if you want to collect different kinds, like I do. It'll go nice next to my $1 Trillion bill from Zimbabwe
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