Russian ruble falls to reach historic lowsJanuary 29, 2014 - 21:20 AMT PanARMENIAN.Net - The Russian ruble continued its slide Wednesday to reach historic lows as a government minister warned that the currency’s continued plunge could cause a spike in inflation, RIA Novosti reports. The euro climbed 55 kopecks to 48.02 rubles on Wednesday evening in Moscow, the ruble’s weakest showing against the European currency since trading began. The dollar rose 47 kopecks to 35.20 rubles by the same time, the ruble’s lowest value against the greenback since 2008. If the ruble continues to weaken it will result in more expensive imports and could boost inflation, Russian Economic Development Minister Alexei Ulyukayev warned during a Cabinet meeting Wednesday, Prime business news agency said. Other emerging market currencies are falling alongside the ruble as the United States winds up giant money printing programs that have buoyed emerging markets, but the ruble’s dive has been among the most pronounced. The Russian currency traded Wednesday outside the central bank’s trading corridor for the second time in 2014, as the regulator failed to keep the currency within the target band. The central bank, which controls the value of the ruble through interventions on the currency market, has widened the target corridor for the ruble by 65 kopecks since the start of the year. Photo: RIA Novosti Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |