Instant Alert: The Russian ruble is at its lowest level in a year

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   The Russian ruble is at its lowest level in a year by on Dec 30, 2015, 6:42 AM Advertisement MOSCOW (AP) — The Russian ruble has hit its lowest level in a year against the dollar as the country's economy is battered by a decline in the price of its oil exports. The ruble dropped 1.3 percent in early morning trading on Wednesday to 73.2 rubles per dollar, its weakest level in about 12 months. The national currency lost 40 percent of its value last year and is now 20 percent down compared to a year ago. The Russian economy has been suffering from the effects of Western economic sanctions and oil prices, the backbone of the country's economy, which are currently hovering around 11-year lows. The Russian economic development minister on Tuesday said the government is not so much concerned about the drop in the value of the ruble but rather its volatility, which makes budget planning difficult.   Share the latest business news with your network: Email sent to:   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011