MOSCOW, November 27 (RIA Novosti) – The Russian ruble weakened Wednesday to its lowest level against the euro for four years, likely spurred by central bank policy changes and global economic pressures.
The ruble gained 17 kopecks, meaning one euro was worth 44.87 rubles, according to data from the Moscow Exchange, Prime news agency reported.
The depreciation may have been fueled by the Russian central bank’s raising of the corridor in which it sells or buys currency five times this month and its plans to implement a free floating currency by 2015, Bloomberg reported.
Emerging market currencies, including the ruble, have also weakened in recent months as foreign investors withdraw funds in anticipation of the United States ending its money printing program known as quantitative easing.
