Russian ruble hits historical lows after raising interest rates

The Russian ruble fell to fresh lows against the dollar on Thursday after the country’s central bank raised interest rates by 1% to reach 10.5%.

The ruble is facing a sharp wave of decline since the economic sanctions on Russia, in addition to the continuing decline in oil prices which constitute a significant proportion of the local economy resources.

The ruble will remain at the new record lows, as the dollar continues to pressure it during the coming period.

The ruble dropped against the US dollar and traded at 10:58 GMT around 55.15, compared with the entry levels at 54.75.