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Russia's ruble currency hits all-time low as oil prices plummet and western sanctions hit

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The ruble has fallen to its lowest value ever

The ruble has fallen to its lowest value ever

The ruble has fallen to its lowest value ever

Russia's ruble currency is hitting an all-time low as the country's economy struggles with the combined blows of western sanctions and a worldwide fall in oil prices.

In trading on the MICEX exchange, the ruble dropped to 44.9 to the US dollar late today - about a three per cent fall for the day.

The ruble has lost more than 25% of its value this year.

Russia has been hit by sanctions from the US and the European Union over the Ukraine crisis and prices are falling for oil, a key export.

In addition, the Russian Central Bank said today it would limit its intervention in the currency markets to 350 million US dollars (£219 million) a day.

The bank spent as much as three billion US dollars (£1.8 billion) a day in October trying to prop up the ruble.

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