Ruble plunges 50 kopecks to dollar to 31.91

The official exchange rate of Russian ruble for tomorrow settlement fell 49.84 kopecks against the dollar to 31.91 and 21 kopecks to the euro to 43.23, the MICEX exchange said on Thursday.

The ruble has been falling against the euro and the dollar since the end of August and Deputy Minister for Economic Development Andrei Klepach said the dip was caused by economic problems in Europe and was short lived.

The ruble lost 43 kopecks to 31.90 rubles per dollar and 19 kopecks to 43.30 rubles per euro at opening amid falling prices for oil and the U.S. Federal Reserve’s announcement of serious risks for the economy and decision to provide $400 billion support.

On the stocks front, the dollar-denominated RTS stock exchange lost 3.57 percent to 1,464.47, while the ruble-denominated MICEX nosedived 3.10 percent to 1,460.52 at 11:57 Moscow time.

European stocks also plunged at about three percent at opening.

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