Russian Ruble

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Russian Ruble

The currency of Russia. It was issued in 1998, replacing the Soviet ruble (which was also called the Russian ruble after the fall of the Soviet Union). Despite the issue of a new currency, it lost 70% of its value against the U.S. dollar in six weeks as a result of the Russian financial crisis. It is a floating currency.
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"The pressure on the ruble has resumed after a small breathing space," Denis Davydov, a currency analyst at Nordea Bank, wrote in an investment note Wednesday.
The ruble has been trading around the 55 mark against the dollar over the past few days having slid at one point last week to around 80.
The ruble was around 9 percent firmer against the dollar in volatile trading, with the market also boosted by central bank plans to ease concerns over approaching external debt repayments by Russian firms and stabilize the ruble.
He said that this is expected to weaken the ruble by 3-7 percent and stimulate Russia's faltering growth.
This is an important part of the group s overall investment programme, budgeted at 42 billion rubles," it said in a statement.
Moreover, the staff was concerned about the ability of these countries `which were faced with a potential inundation from other FSU states of old rubles that were no longer legal tender in Russia' to exert domestic monetary control pending a revived currency union.
Under present law, a government order is needed for any investment exceeding 100 million rubles. One must also get the visas of the Ministry of Economics, the Ministry of Foreign Economic Relations, Customs and the branch ministry, and the consent of the local administration.
For the average foundry worker, however, his 270 rubles a month (approximately $45 at current exchange rates) pays the rent and puts food on the table, although housing is so inadequate that many families are forced to share an apartment and grocery stores stock little more than bread, canned fish, cabbage and potatoes.
The reason quoted for the abrupt closing down of the website was falling Russian currency ruble. But now, Apple's online store is up and running in Russia.
MOSCOW -- Russian consumers flocked to the stores Wednesday, frantically buying a range of big-ticket items to pre-empt the price rises kicked off by the staggering fall in the value of the ruble in recent days.
- design and development works for 310.99 million rubles ($5.47 million at current exchange rates);