Russian ruble falls to 3.5-month low as oil drops
The Russian ruble fell to its weakest level against the dollar in three and a half months on Monday as crude-oil prices dropped in the wake of OPEC's decision not to cut production. The ruble traded as low as 69.50, its weakest level since Aug. 25, when a selloff in Chinese stocks destabilized global financial markets. The Russian currency traded at 68.04 to the dollar late Friday in New York. Nymex-traded crude shed more than 5.3% of its value Monday to trade at $37.85, its lowest level in nearly seven years.
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