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. Last Updated: 07/27/2016

Ruble Takes a Tumble

MOSCOW () -- The ruble fell sharply Thursday for the second day running in trading on the Moscow Interbank Currency Exchange, losing 12 points to close at 2,141 to the dollar, Interfax reported.


The ruble also lost 12 points at Wednesday's currency auction, marking an acceleration in its decline.


According to analysts at the Moscow Interbank Currency Exchange, the cause is expectations of higher inflation and new injections of state credits into the economy.


Net trading volume Thursday was $161.4 million, with initial demand of $273.6 million and initial supply of $242.8 million. Seventy banks participated in trading.


The Deutsche mark gained 15 rubles against the ruble closing at 1,384 rubles per mark.