Bad week for the ruble
Foreigners will find Russia cheaper after the ruble’s deep-diving this week.
The ruble fell seven percent versus the US dollar the first four days of this week. Also versus most other currencies the ruble has been freefalling. For the first time since the August 1998 crises in Russia, you can get more than five ruble for one Norwegian krone.
Forbes.com says the Russian central bank is likely to face a test the next few days: does it have the resolve to keep supporting its currency, and if not, what other means will it come up with to prevent a run on the ruble?
Other business newswires, like the MarketWatch.com, speculate that Russian authorities might have to devaluate currency again.
