Business Russian Ruble Continues Slump Against The Dollar

[LequteMan]

The ruble plummeted into a freefall, losing as much as 19 percent as panic swept across Russian financial markets after a surprise interest-rate increase failed to stem the run on the currency.

The ruble plunged to as weak as 80.10 per dollar, a record low, before trading at 72.90 by 5:18 p.m. in Moscow, as Russians scrambled to convert their money into dollars amid concern the government will implement currency controls to slow the outflows. Bonds fell as the RTS stock index tumbled the most in almost six years. Government officials will gather to discuss the financial crisis engulfing the country.

“I am speechless,” Jean-David Haddad, an emerging-market strategist at OTCex Group in Paris, said in a message. “What a failure for the central bank. Russia would need to announce capital controls today. That is the last solution.”

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Source: Bloomberg

 

[curator]

I am afraid this is the way the naira is also going. It should also be a warning to everyone not to focus on the well being of the few and try and improve the lives of many while the going is good. Nigeria, China can you hear the distant drums of financial disaster!! Forbes list cannot save us!

 

[LequteMan]

Nigeria always seem to hover around the danger zone, and just at the moment when everything seem about to fall apart, something miraculous happens and the day is saved.

 

[curator]

Nigeria always seem to hover around the danger zone, and just at the moment when everything seem about to fall apart, something miraculous happens and the day is saved.

Let us hope so but it looks like the perfect storm this time - oil price crash, currency devaluation, political uncertainty. With our stock market heavily funded by external investors, these are worrying times.

 

[LequteMan]

Let us hope so but it looks like the perfect storm this time - oil price crash, currency devaluation, political uncertainty. With our stock market heavily funded by external investors, these are worrying times.

Very worrying to the shrewd. Others prefer to pray, I hope their prayer works.

Only time will tell. I hope for the best and fear for the worst

 

[curator]

Very worrying to the shrewd. Others prefer to pray, I hope their prayer works.

Only time will tell. I hope for the best and fear for the worst

We do not have a monopoly on God. Even first world countries pray, it is their religion, but then focus on doing the work as well.