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Russia drops ruble for 3rd time in 5 days

(Agencies)
Updated: 2008-12-26 19:46

MOSCOW -- Russia's Central Bank has allowed the ruble to drop for the third time in five days as the government continues to feel the heat in the global meltdown.

File picture shows a woman leaving a currency exchange office in Moscow. Russia's Central Bank has allowed the ruble to drop for the third time in five days as the government continues to feel the heat in the global meltdown. [Agencies]

Related readings:  Russian Central Bank speeds up ruble depreciation  Medvedev: Russia to spend despite crisis  Russia expects first deficit in a decade  Russia's industrial activity plunges

The ruble lost 1.4 percent on the MICEX main foreign currency exchange by 11 a.m. Moscow time (0700 GMT) to reach 34.3 against the euro-dollar basket. It sank to 29 against the dollar and 40.8 against the euro.

The depreciation was the third in just five days, and the 11th since Nov. 11, when the supervised slide began.

Amid diving oil prices and the associated market downturns, it is unclear where the slide will end as the government continues its policy of a managed float rather than releasing the ruble altogether.b

The ruble is almost 14 percent down this year.